The Inter-party Advisory Council (IPAC) has thrown its weight behind Federal Government’s plan to remove fuel subsidy, saying policy will open up the economy and help in building critical infrastructure.
Speaking to LEADERSHIP SUNDAY yesterday in Abuja, the secretary of IPAC, Mallam Shitu Mohammed said Nigerians will gain from the subsidy removal in the long run.
Mallam Shitu maintained that in order to attract new investors to build new refineries in the country, subsidy removal was necessary.
“Whoever is investing in refinery wants to make profit, and since they need their profits they don’t invest where they don’t gain. No venture, no gain”.
?He called on the Federal government to liberalise the oil sector and make refineries available in every part of the country.
He further adviced the government to invest the accrued fund from subsidy on agricultural development by building demonstration farms across the states.
“Subsidy is just building a few pockets of billionaires who have no interest for Nigerian populace; people who wants to ripe the masses off. Without subsidy removal the cartel will not allow the refineries to function. We believe that the removal of subsidy will enhance the oil industry and encourage development of critical sectors of the economy.
“Also if you look at the issue of GSM, if we had remained with NITEL I don’t think today we’ll have the GSM that everybody is enjoying. The pains of subsidy will just be for one year I believe at worst, and then we could reap the benefits for long time and Nigerians will be better for it. Let us give this government a chance and support this laudable idea for the interest of all Nigerians” he stated.
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