In a recent development, the House of Representatives has made a call to the Federal Government to discontinue subsidies on all petroleum products, not just the Premium Motor Spirit (PMS) commonly known as petrol.

This call comes as a response to the re-emergence of fuel queues across the country following the removal of the PMS subsidy and subsequent increase in pump prices.

The House, through its Ad Hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria, recommended the removal of subsidies on all petroleum products.

They urged the government to implement measures and palliatives to mitigate the effects of subsidy removal on Nigerians.

One such recommendation was the provision and procurement of Compressed Natural Gas buses as an alternative transport system with lower fuel consumption.

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The committee also emphasized the need for the introduction of intermodal, regional, and national transport systems to facilitate mass movement of people within the country.

They further recommended that the Nigerian Midstream and Downstream Petroleum Regulatory Commission issue stricter regulations to prevent profiteering and protect the interests of Nigerians.

The committee called for a reconciliation meeting between relevant agencies to discuss the utilization of crude entitlements, and for a forensic audit to ascertain whether the borrowed funds for subsidy payments were refunded.

They also recommended the suspension of Direct Sales Direct Purchase contracts, strengthening of the Nigeria Customs Service and Weight and Measures Department, and amendment of the Nigeria Extractive Industries Transparency Initiative Act.

The House initiated this investigation in June 2022, focusing on payments for petroleum product subsidies during the previous administration.