A country that has consistently grappled with low revenue generation cannot continue to waste huge resources subsidising fuel consumption, writes Obinna Chima
The matter is presently complicated as with almost 12 months to the general elections, indications have emerged that the federal government may be reluctant to press further and yield to political considerations, despite the fiscal burden it is presently shouldering due to the policy. The multilateral institution had painted a gloomy picture of Nigeria if the country decides to continue with the controversial fuel subsidy.
“Even in the state of Lagos, which relies the least on Federal transfers, transfers accounted for 29 per cent of revenues in 2020. Most State expenditures cover salaries and administrative expenses, and given their rigid nature, State-level expenditures are difficult to cut.” “And for us, as parliamentarians, as legislators representing the people of Nigeria, this must be of interest to us. And we’ve just finished our recess, we had gone home to our constituencies and senatorial districts.
“It is a failure on us if we are not able to control it, this particular aspect of smuggling of the petrol and then in return, push the burden to the ordinary citizen.” According to Obaseki, there was an Adhoc Committee which was set up by NEC headed by Governor El-Rufai of Kaduna state that included members of the executive arm of government that worked on recommendations as to what should be done about the cost of petrol which sells for N162 per litre, whereas every other country surrounding Nigeria sells same product at more than 100 per cent of the cost in Nigeria.
“But I want to make the correction that it is not governors who are making recommendations. It is actually a NEC committee, you know, which comprises of all the other people that are looking at this and no decision has been made. Also, the Nigeria Labour Congress has maintained that the planned removal of petrol subsidy was tantamount to leaving Nigerians to bear the consequence of in-built inefficiency in the product supply value chain. President of the NLC, Mr Ayuba Waba, reiterated the body’s earlier decision to embark on a warning protest on January 27, over the matter.
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Senseless president..
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