The National leader of the All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu says the government did the right thing by allowing the workings of supply and demand to determine the price of fuel.
In an article communicating his stand on the issue, Tinubu explained that what the government has done now is not deregulating the oil sector, but just putting an end to price fixing.
“Most of us have called this process one of deregulation. This is an inaccuracy that should be promptly corrected,” he wrote.
“This decision should end arbitrary government price fixing. By ending this price fixing, government regulation of this market will not be eliminated.It will simply change from its emphasis on maintaining a subsidized price to ensuring that the market remains free and devoid of collusion so that sufficient supply is available at a defensible and affordable albeit higher than subsidy price.
“Government must still monitor this market to ensure against unjust enrichment that comes from attempts at price fixing,” he stated.
Nigerians are confused about the current action by the federal government, with many believing that the government has deregulated the oil sector.
Tinubu further stated that “This government did not withdraw the subsidy in order to save them but spend the people. It is transferring the funds to better spend them and better save the people. Nothing in this world is perfect but this decision is a just and correct one aimed at bolstering the economy while better caring for those the system has unfairly treated. I can find little fault in the new policy taken and the reasons for it. When all is placed in the balance, the scales now better tip in favor of better economy and future because of the decision so wisely made.”