Fuel subsidy putting pressure on govt revenue, its removal becoming unavoidable – LCCI
“However, with more money freed for other purposes, the government should be able to spend more on utilities to cushion the effects of the removal. With cost-reflective pricing, smuggling of the products to neighbouring countries will reduce due to reduced margins.” He however, said fuel-induced inflation might arise. “The increase in the cost of transportation – and the multiplier effect on other costs – that will accompany the more than 100 per cent increase will erode the disposable income of the average Nigerian.”
It said the government’s thoughts on the move was cloudy, describing it as a ‘penny wise pound foolish gamble.’In a statement titled, ‘Nigerian workers refuse to take the bait,” the congress said, “The contemplation by government to increase the price of petrol by more than 200 per cent is a perfect recipe for an aggravated pile of hyper-inflation and astronomical increase in the price of goods and services.
He added, “We wish to reiterate our persuasion that the only benefit of deregulation based on import-driven model is that Nigerian consumers will infinitely continue to pay high prices for refined petroleum products. “Clearly, government thoughts on the so-called removal of fuel subsidy is cloudy and appears to be a “penny wise-pound foolish” gamble. It is clear that the palliative offered by government will not cure the cancer that will befall the mass of our people who suffer the double jeopardy of hype-inflation while their salaries remain fixed.
How much do they want? Fuel subsidy has to go.
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