Former federal lawmaker, Senator Shehu Sani has reacted to the removal of the fuel subsidy regime by President Bola Tinubu.
OsunDaily News recalls that Tinubu, during his inaugural speech, had announced that subsidy is no longer sustainable in the country, stressing that it is gone.
Reacting via Twitter, Sani praised the newly sworn-in president for taking such a step.
He noted that it is the right time to take decisions that are capable of revamping the nation’s economy.
He lamented that petrol subsidy was eating deep into the country’s pocket and it was time for the fraudulent act to come to an end.
He wrote: “Within seven months last year, the CBN ‘defended’ the naira with $11.24 billion. Currently, petrol subsidy consumes N400 billion monthly.
“There is no better time to take tough economic decisions to revamp our economy than now. The culture of allocating foreign exchange to elites with multiple bureaus de change to sell on the black market must end.
“The opacity of the subsidy regime’s chains of fraud must also end.”
