Senator representing Kwara Central, Bukola Saraki says Nigeria was losing a total of $2 billion to fuel subsidy.
Saraki, a senate presidency hopeful in the 8th National Assembly regretted that the alleged fraud in the scheme was being allowed to fester by the Federal Government. He therefore urged the incoming administration of Muhammadu Buhari to completely remove the fuel subsidy and restore normalcy to the petroleum sector.
“No matter what is happening now, if you go back to look at it, the major issue that dwindled us was the subsidy management. We are talking of about minimum of over $32 billion wasted on it over the last five to six years,” Saraki told newsmen in Abuja.
“That is the difference between where we are now and that time. It has impacted on our exchange rate, it is going to impact on our infrastructure, there is no money for capital budget.”
Commenting on his ambition to become the next Senate President, Saraki maintained that he had the capacity, competence and the will power to lead the 8th Senate towards rapid socio-economic development of the country.