The Centre for Social Justice, Equity and Transparency has commended President Muhammadu Buhari’s resolve to remove the controversial subsidy on fuel.
The centre described the decision as a gift to Nigerians, adding that the president’s decision to remove the controversial fuel subsidy had the approval of all.
In a statement issued by CESJET’s Executive Secretary, Comrade Ikpa Isaac, in Abuja, on Thursday, the centre said that the removal of the subsidy would put a lasting end to the incessant fuel crisis which had put the nation and innocent citizens at the mercy of certain cabals.
The statement reads: “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 wrenching to discover that the country is being bleed on the side despite its already anemic financial status.
Ikpa, said that the deregulation of the downstream sector would open up the sector to private investors who hitherto developed cold feet to investing in the sector due to heavy government interference.
According to him, the removal of subsidy wouldn’t only break the cabal but also encourage those who have had refining licenses approved several years ago to go ahead to build their refineries.
On the benefits of subsidy removal, Ikpa added that this would tackle the incessant scarcity of petrol due to importation and also the spring up of petrochemical industries alongside local refining to create jobs.
The move, he said, would save the economy the unnecessary pressure put on the naira due to the heavy demand for forex to fund the importation of petroleum products, adding: “rather we will be exporting refined petroleum products thereby earning foreign currencies to shore up our reserves.”
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 will experience with the deregulation of the downstream oil sector will make the telecoms experience a child’s play,” he said. Click to signup for FREE news updates, latest information and hottest gists everyday
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What you abused GEJ for, you praised PMB for; your hypocrisy will bring you reward.
ReplyDeleteGEJ could not be trusted with subsidy removal due to the level of corruption in his administration. Hence Nigerians opposed subsidy removal. Under Buhari's administration, more accountability is expected. It's a painful but necessary remedy to end incessant fuel scarcity.
DeleteMr. Onaiyekan you are not making sense. What does removal of subsidy have to do with any level of corruption? That is just an excuse to to cover the sheer hypocrisy of you people that rejected the fuel subsidy removal at that time only to hail it now as if it were something new. Was it not from the subsidy that deals were being made and people enriching themselves at the detriment of Nigerians? For the records I totally support the removal of the subsidy.
DeleteNigeria is really a nonsense country. GEJ removed subsidy and you almost killed him because he is from the minority. Nobody supported the good intentions of GEJ. Now it is PMB and you are praising him. Don't worry, time will tell
ReplyDeleteLet the subsidy money be channeled to develop a national railway network.
ReplyDeleteSubsidy removal is a welcome development but i think the government should have put in place some cushioning measures that will reduce the ripple effects(hike in fares, foodstuff etc) of the removal on the masses. just hope that the money saved by the federal government as a result is put into purposeful usage. The past administration attempted to do same in 2012 but was met with heavy resistance, maybe Nigerians have suddenly realised the importance of subsidy removal in premium motor spirit aka fuel.
ReplyDelete