President Muhammadu Buhari on Monday at a meeting with senior officials of Chevron at the presidential villa said the removal of fuel subsidy would add to the economic woes of Nigerians.
A feeler that he may not be be disposed to removing subsidy on crude oil for now.
Speaking Buhari said: “I have received many literatures on the need to remove subsidies, but much of it has no depth,” he said.
“When you touch the price of petroleum products, that has the effect of triggering price rises on transportation, food and rents. That is for those who earn salaries, but there are many who are jobless and will be affected by it.
“We have to go back to the good old days of transparency and accountability.” Meanwhile, Buhari has assured investors that his administration will implement reforms that would boost accountability and transparency in the oil sector.
The Chevron team was led by Ali Moshiri, the company’s president for Africa and Latin America, who while speaking urged Buhari to restore the confidence of international investors in the industry.
Moshiri noted that the relative stability in the Niger Delta has led to increased investment in the country’s oil and gas sector.
“We understand the situation in the industry and we will do our best to address the challenges affecting exploration, production and distribution of oil products in the country,” he said.
Buhari also acknowledged the merits of the amnesty programme which the late President Umar Yar’Adua initiated to reduce violence in the Niger Delta region. He said his administration will focus on good aspects of the programme.