Fuel price hike imminent

Abuja - The Federation Account Allocation Committee (FAAC) in Abuja on Tuesday took a decision to remove petroleum subsidy in the country.

The Chairman of Finance Commissioners Forum, Timothy Odah, said this when he briefed newsmen on the  outcome of the FAAC meeting for the month of March in Abuja.

Odah said at their last meeting, a committee consisting of six Accountants-General of states and six state Commissioners for Finance was set up to conduct investigations and present a report on the impact of the subsidy in the country so far.

“FAAC in its plenary session finally took a decision that petroleum subsidy should be entirely removed.

“Because from what was discovered, the subsidy is more or less a solution worse than the problem it is meant to solve.

“Therefore, we are of the firm decision that it will be better for states to access their funds and grant subsidy in their respective capacity.

“Our position will be submitted to the Presidency,’’ he said.

Odah cautioned organised labour to be careful in its refusal to rally for the removal of the oil subsidy programme.

He alleged that that most of them were against the removal because they were on the payroll of oil marketers in the country.