Buhari explains why Nigeria has not withdrawn fuel subsidies.

President Muhamamdu Buhari claimed that in order to combat the inflationary pressures that would undoubtedly result from the elimination of subsidies, the administration is seeking to increase local capacity.
 
The President stated that, “most western countries are today implementing fuel subsidies. Why would we remove ours now?” What is good for the goose is good for the gander!” 
 
He continued, “what our western allies are learning the hard way is what looks good on paper and the human consequences are two different things. My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable.”
 
“Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board,” said Buhari.
 
The president also stated that “the exchange rate is still susceptible to external shocks that can suddenly and severely affect Nigerian citizens. As we step up domestic production both in fuel (aided by PIA) and food (agricultural policies) the inflationary threat shall diminish, and we can move toward unification.”