June 1, 2023

Stakeholders, others disagree over $800m fuel subsidy palliative.

Stakeholders in the petroleum industry, weekend, frowned over the Federal Government’s proposed $800 million fuel subsidy palliative to be shared with Nigerians.
As part of a palliative targeted at easing the pains of Nigerians, $800 million has been proposed for distribution to 10 million households.
Also, Managing Director, Winman Nigeria Limited, Dr. Godwin Orovwiroro, faults the government’s planned palliative, adding that “the $800 million loan is intended to cushion the impact of subsidy removal particularly the effect on the economically disadvantaged Nigerians. Subsidy removal has been on the front burner of economic and political policies and it appears to be the only issue being flaunted by politicians as our economic ailment.”
But in an interview with Energy Vanguard, Executive Director of Emmanuel Egbogal Foundation, Professor Wumi Iledare, said, “Subsidy is not anti-economics but the application of the tool has become an enigma in Nigeria’s economy perhaps because of lack of transparency and accountability. However, borrowing money for transfer payments to avert social unrest or protest against PMS subsidy removal is not sustainable and it is just a postponement of the evil day.

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