Stakeholders Differ On Subsidy Removal

THROWING his weight behind the proposed removal of fuel subsidy, Chairman, Stanbic IBTC Bank Plc and member of the National Economic Advisory Team, Mr. Atedo Peterside, has tasked Nigerians to make sacrifice for the economic transformation of the country by accepting the proposed removal of fuel subsidy to enable government embark on developmental projects.He said Nigerians should be ready to pay for infrastructural transformation, adding that the government failed to develop the economy because of huge recurrent expenditures.However, Executive Chairman of the Society for Analytical Economics, Nigeria (SEAN), Dr. Godwin Owoh, differed on the removal, saying the masses have never enjoyed fuel subsidy.He charged the government to revisit issues relating to landing cost of petroleum products, the amount subsidized as well as marketers' profit margin. A careful analysis of these, he argued, would help the government make informed decision on the matter.Owoh noted that the valuation of crude oil, which the country import only few conpenents, is a major issue that must be properly situated, noting that the cost upon which subsidy is being determined is faulty.He argued that the only section of the society is subsidized are public officers who enjoy free fuel. He said it is important the government make its position clear whether public figures will continue to enjoy free fuel when subsidy is eventually removed, adding: 'the structure of NNPC is the real problem not subsidy.'Peterside, who spoke at the first Trinity Nigeria Lecture Series, at the weekend, said the country has never been blessed with political leadership that has the right knowledge and political will to address the problems facing the country. He also identified lack of right people and institutions to bring about the desired change as factors militating against the country's development.Insisting on the importance of the sacrifice to the economic transformation of the country, Peterside said: 'Even if we have the political will, good leadership and the right institutions, we will still not get there as long as we lack the people who believe that there is no free launch; that they need to pay for the provision of amenities.'Coordinator of the event, Pastor Ituah Ighodalo, encouraged Nigerians to brace up for the challenge ahead by engaging bad leadership and ready to make huge sacrifices for the good of the country.
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