Civil Society Organisations in Nigeria operating under the aegis of the “Civil Society Coalition for Economic Development” have decried a monthly payment of N250 billion for fuel subsidy, saying if nothing was done by the Federal Government to end the regime, it would further cause economic catastrophe.
In the conference, titled: “Fuel Subsidy Removal in Nigeria”, it was pointed out, would recycle the economy on the part of productivity and growth, if the amount being paid as a cost of fuel subsidies were channelled into the provision of infrastructure and other social sectors of the economy. Part of the communique read: “That the resource persons who are world-class researchers in the oil and gas industry extrapolated issues bordering on Nigeria’s oil and gas industry, and identified Nigeria’s major economic challenges as that of the active fuel subsidy regime.
“It was pointed out that the Federal government of Nigeria spends N250 billion on fuel subsidy every month. The development, discussants averred was largely responsible for national debts as revenue coming into the Consolidated Revenue Fund account are used to settle the fuel subsidy.” “That Nigeria is a monolithic economy as such, revenue earnings must be jealously guarded and which should be channeled into road construction, power, education, health and development of its youth.
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