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Fuel subsidy : Apologise to Jonathan, Okonjo-Iweala, Peter Obi – Stanbic IBTC Bank founder


The founder of Stanbic IBTC Bank Plc and Anap Foundation, Atedo Peterside, has called on Nigerians in corridors of power in 2012 but opposed to the removal of fuel subsidy by the administration of then President Goodluck Jonathan to tender an unreserved apology.

The Rivers-born investment banker, who expressed surprise that such persons are now singing a different tune following the recent decision of President Bola Tinubu to stop fuel subsidy, said Jonathan, Ngozi Okonjo-Iweala, Peter Obi and other members of the 2012 Economic Team must be apologised to over the way they were ‘chastised’ over the policy.

“The petrol subsidy removal is complicated by the fact some liars who held sway in 2012 are now singing a different tune in 2023. They should apologise to @GEJonathan @PeterObi @NOIweala & others in the 2012 Economic Team & beg Nigerians for forgiveness so we can move forward, ” Peterside said in a tweet on Sunday.

PlatinumPost reports that the Jonathan’s administration which had Okonjo-Iweala as Minister of Finance, had in January 2012 announced removal of petrol subsidy but the move which sparked huge protests in some parts of the country, was fiercely resisted by many governors, labour unions, among others, forcing a reversal of the policy.

Recall that Tinubu had during his inauguration as president on May 29 said there would be no more fuel subsidy as there was no provision for it in the budget.

The decision which has seen price of a liter of petrol hitting over N500 has resulted in massive inflation even as the Nigeria Labour Congress is billed to commence a nationwide strike on Wednesday over the abrupt subsidy removal.


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