EFF alleges depletion of fuel subsidy fund in four months, sign of financial mismanagement

The Economic Freedom Fighters (EFF) party has expressed concern over significant depletion of the fuel subsidy fund within the past four months as announced by the Energy Regulations Board (ERB).

Party Secretary-General, Changala Siame, alleged financial mismanagement, saying the developer raised serious questions about the government’s commitment to fiscal responsibility.

Siame in a statement issued in Lusaka on Tuesday, stated that the party’s unwavering commitment to economic justice underscored the belief in policies that prioritized the welfare of the citizens.

“The current situation necessitates a thorough review of the government’s economic strategies to ensure alignment with the interests of the people,” he said.

Siame said the party remained steadfast in holding the government accountable for its financial decisions.

“We call on citizens to join us in demanding transparency and responsible governance to safeguard the economic well-being of our nation,” he said.

Siame urged the ERB Board Chairperson, Reynolds Bowa, to reconsider the strategic decisions being made concerning fuel prices, which had exhibited instability since the inception of United Party for National (UPND) in 2021.

The ERB through Bowa announced this week that the Strategic Reserve Fund which they had been using to keep the fuel prices constant for the last four months had been depleted.

He said fuel would now be entirely determined by international prices and the exchange rate.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.