An economist, Mr Bismarck Rewane, has advised the Federal Government to remove the fuel subsidy on petroleum products for speedy development of the country.
Rewane, the Managing Director of Financial Derivatives Ltd., made the call in a lecture on “The Nigerian Economy and Business Outlook”.
He delivered the lecture at the Annual General Meeting of the International Chamber of Commerce Nigeria in Lagos on Thursday.
Rewane said that the subsidy regime was fraught with corruption and gains from subsidy removal should be utilised for projects that would develop the nation as against enriching few Nigerians.
He said that subsidy removal would reduce the country’s huge debt profile, block government leakages and aid rehabilitation of refineries and depots in the country.
According to him, the falling global crude oil price which has caused a dip in the nation’s revenue necessitated a stop to fuel subsidy payment.
“If the government does not remove the fuel subsidy, the subsidy payment will cripple the economy of the country, “Rewane said.
He said that the removal of fuel subsidy would reduce government’s financial burden and drive the growth of the economy.
