Festus Keyamo, Minister of State for Labour and Employment, claims that the President, Major General Muhammadu Buhari (retd. ), is highly reliant on monies generated by the Nigeria Customs Service and the Federal Inland Revenue Service.
Keyamo’s announcement confirmed an earlier claim on July 20 by the Nigerian National Petroleum Company Limited that it would no longer transfer money to the Federation Accounts Allocation Committee for monthly distribution to the three levels of government.
The NNPC based its decision on its recent conversion from a public corporation to a limited liability company, noting that all monetary arrears owed to the committee were owed by the old corporation, not the new oil firm.
Keyamo made the remarks at the launch of The Progressives Forum at the International Conference Centre in Lagos.
According to him, the president has proposed to remove subsidy by next year after some level of palliative measures have been put in place to cushion the effect.
“If another government comes to power, I assure you there will be no subsidies,” he stated. However, President Buhari wants some safeguards in place to mitigate the impact on the poor before it is abolished. As I speak with you now, there is no longer any basis for continuing to provide subsidies.
“We are in power and cannot hide it from the people.” We simply must continue to assert that subsidies have eaten deeply into our economy. However, it appears that the president’s love for the poor is what is keeping the subsidies alive. He believes that measures should be put in place to cushion the effect on the poor before it is withdrawn.
“That’s why he postponed it till next year.” It is not hidden.
“In contrast to those who advocate a free market economy, we feel that involvement in the lives of the poor and middle class is necessary.” This philosophy is considerably distinct from that of other political parties. That is why we have so many intervention programs, such as conditional cash transfers to the needy. That is Buhari’s and the APC’s philosophy.”
