Tuesday, November 29Inside Business Africa

‘Nigeria must remove petrol subsidy to address economic quagmire’

Social Integrity Network (SINET) yesterday asked President Muhammadu Buhari to discontinue payment of subsidy on Premium Motor Spirit (PMS) as part of measures to cushion the effect of failing oil prices and block leakages in the scheme.

The National Coordinator of the group, Ibrahim Isah, insisted that subsidy remained a serious leakage and threat to the nation’s economic growth and development.

Speaking to journalists, Isah stated that there is need for Nigerians, especially Buhari to support the National Assembly to unravel corruption allegations at Petroleum Products Pricing and Regulatory Agency (PPPRA).

“Removal of subsidy will assist Nigeria in no-small measure at this auspicious period of global economic woes. Such money can be used to fund education, health and other infrastructural projects and programmes nationwide.

“We hereby urge the National Assembly to ensure that the embattled Executive Secretary is compel to appear with detailed statements of account, outstanding indebtedness, annual budgets, from 2011 to date and copies of all reconciliation with NNPC as well as all the contracts awarded and names of contractors and details to date,” he said.

He noted should government consider removal of subsidy on fuel along with the ongoing border closure policy, crashing of high rate of Treasury bill without taxation and increase of Value Added Tax, (VAT) to 7.5 per cent, the nation’s remain strong.

He added that the removal would equally enable development of infrastructural facilities and generate fund to make payment of the recently signed minimum wage seamless.

Isah noted that there was indication that there is high rate of corrupt practices, conspiracy and maladministration in the country.He said the development could create adverse effects on the nation’s economy, well being of the masses as well as denting the image of the country in the international realm.

Decrying that PPRA boss had failed to honour lawmakers’ invitation on two different occasions owing to the magnitude of the fraud that had been perpetrated at the agency, Isah said the development was unfortunate despite the campaigns against corruption.

“However, in as much as it is pertinent for government to protect the sanctity of the right of Tax Payers by guarding against revenue loss, oligarchy tendencies, fraud of all manners and economic sabotage, President Muhammadu Buhari should urgently make an executive order for the removal of fuel subsidy and probe the activities of the PPPRA from 2014 to date and sanction culprits appropriately. The nation is already at the mercies of some few privileged individuals, who are siphoning our commonwealth.”


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