The Centre for Social Justice, Equity and Transparency (CESJET), on Wednesday, commended the Federal Government’s removal of subsidy from the sale of Premium Motor Spirit, PMS, also known as petrol, which would see the essential commodity now sell for N145 per litre.
The CESJET in a statement in Abuja, by its Executive Secretary, Comrade Ikpa Isaac, described the move as a gift to Nigerians, noting that the removal of the subsidy will put a lasting end to the incessant fuel crisis which have put the nation and innocent citizens at the mercy of a certain cabal.
The statement read: “Different revelations have emerged of massive fraud in the fuel subsidy process; trillions of naira are alleged to have been fraudulently stolen from the government purse in the name of fuel subsidy payments. It is heart rending to discover that the country is being bled on the side despite its already anaemic financial status”.
Comrade Ikpa said the deregulation of the downstream sector will open up the sector to private investors who hitherto developed cold feet to investing in the sector due to heavy government interference.
He said, the removal of subsidy will not only break the cabal but also encourage those who have had refining licenses approved several years ago to go ahead to build the refineries. On the benefits of subsidy removal, Ikpa added that this will tackle the incessant scarcity of petrol due to importation and also the spring up of petrochemical industries alongside local refining to create jobs.
Highlighting the economic benefits of the subsidy removal, the group said the move will save the economy the unnecessary pressure put on the Naira due to the heavy demand for Forex to fund the importation of petroleum products. “With this removal of subsidy, we will be exporting refined petroleum products thereby earning foreign currencies to shore up our reserves,” it said. He however likened the subsidy removal to the telecom revolution which according to him had freed the sector of unwarranted setbacks.
“It is time we do the next big thing after the great telecoms revolution that came with the liberalization of the sector in the early 2000s. We predict that the boom economy experienced with the deregulation of the downstream oil sector will make the telecoms experience a child’s play”, the CESJET said. Meanwhile CESJET frowned at the continuous spending of over 1 trillion Naira on subsidies and called on the government to remain resolute in its decision to remove subsidy.
“Nigeria in the last five years has consistently spent over 1 trillion naira that is about $5b USD annually on petrol subsidies, same country that spent less than 20 billion naira on roads in the year 2015, but spent over 1 trillion naira on petrol subsidies in same year. This is unacceptable. It is on this backdrop that we proudly demand that no group or persons should distract the President Muhammadu Buhari-led administration from saving this nation from this canker worm called fuel subsidy”. Click to signup for FREE news updates, latest information and hottest gists everyday
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You are one of the fantastically corrupt NGOs benefiting from a fantastically corrupt Country. Oto!
ReplyDeleteWoow Etta I have no words for you. Am just sorry for the institution that graduated you. I hope you are not one of the best they have to offer. Your comment is a tard shy from insanity. God bless this administration for finally doing the common sense thing. The cabal will try to use NLC and co to resist this change but the good people of Nigeria will resist them this time.
DeleteOhiozei obaseki, or whatsoever you called yourself, you have tried hard to justify your pay for your consistency in defending the actions and inactions of the APC led government both at the centre and in the state but I care assure you that the crumb you are receiving would not be enough to alleviate your sufferings. APC is a fraud and a disservice to Nigeria n's. You will ripe the rewards of your hypocrisy
DeleteOhiozei Obaseki, I really don't fancy your attitude of using fowl and distasteful words against commenters who view situations different from yours. I believe you're an intelligent guy with a good heart and intentions. Understand that people see things differently, so be patient with them.
DeleteI totally support this removal of fuel subsidy simply because I understand what it is and the positive implications. All you need do is take your time and explain to those who really don't understand and are just all about the temporary effect, the best way you can. If they refuse to understand and keep expressing their anger in all sort of ways, simply relax and let go. You have nothing to lose. Don't let people change influence you to change from your good manners, bro.
Regards.
I believe its all scam because scarcity will still occur. I regret votin Buhari. Why is the price of everything skyrocketing??? Is that the change???
ReplyDeleteObaseki,it's even your certificate that we should question
ReplyDeleteYou have tried unsuccessful to justify your paymaster over the months in defending every action and inactions of this APC government. Your sufferings would be more than the crumb given to you for your efforts. APC is a fraud and disservice to nigerians
ReplyDelete@Ife,try and get the basic understanding of national economics and you will understand why the prices of everything is going up. The don't want to do the necessary things to lift the economy, they are all looking for opportunity to make quick and easy money and they blame Buhari for all their problems. Both the rich and the poor. It is unfortunate.
ReplyDeleteBasic knowledge of the operation of demand and supply and deregulation tells us that it is the right decision for us as a nation. It will bring some pains now but we will enjoy the benefits later
ReplyDelete