Benefits of petrol subsidy removal cannot be immediate – Financial expert

But Mr Ette, whose experience in the financial sector spanned over 25 years, urged Nigerians to exercise patience with President Tinubu on subsidy removal, adding that its advantages would start coming in between the first and second quarter of next year.

“By the time you say no more subsidy, money that was spent hitherto on subsidy would now be used to implement certain measures like investing in education, health, infrastructure development and other sectors that will bring about the benefits of the removal of subsidy but the money is not there for now.”

On the concerns raised by some Nigerians about the absence of strong institutions in the country to ensure checks on ethical culture in business and governance, Mr Ette said, Mr Tinubu should be given the benefit of the doubt, particularly on the way he is running the government, which he said, is a departure from the past.

“But now I can see the government responding to issues and the yearnings of the people that we did not see in the last administration. With that, I would love to give him the benefit of the doubt. I think people would sit up and do what is right,” he said.The fuel subsidy removal would help reduce Nigeria’s budget deficit and borrowing appetite, according to the Director of the Centre for the Promotion of Private Enterprise , Muda Yusuf.

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