Oil Subsidy: LP wants Buhari to quit

The Labour Party (LP) wants President Muhammadu Buhari-led Federal Government to resign, for inflicting pains on Nigerians in the name of “questionable and unverifiable oil subsidy deductions.”

The party also called on the All Progressives Congress (APC) presidential candidate in next year’s election Asiwaju Ahmed Bola Tinubu, to withdraw from the race.

The LP National Publicity Secretary, Comrade Arabambi Abayomi, in a statement Sunday, warned that the country would be insolvent if the APC remains in government beyond 2023.

The party described the oil subsidy deduction as a scam, noting that the Pacific refinery in Ecuador with capacity to refine 500,000 barrels per day (bpd) cost $12 billion, and All Zour refinery in Kuwait with production capacity of 615,000 bpd at $16 billion, whereas Nigeria’s two to three refineries cumulatively have a refining capacity of only 1.2 million bpd.

The LP expressed worry that the APC is running Nigeria aground, noting that the Budget and Planning Ministry even admitted  that the cost of debt servicing has  surpassed revenue in the first four months of this year.

According to the party, there was a shortfall of N285 billion of oil revenue, from the projected N730.12 billion, which it said, represents a shortfall of 60.9 per cent.




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