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The Centre for Social Justice, Equity and Transparency (CESJET), has expressed its support to the federal government’s decision to remove subsidy from the sale of Premium Motor Spirit (PMS) also known as petrol.
Speaking on behalf of the group Comrade Ikpa Isaac, the CESJET executive secretary, described the move as a gift to Nigerians and explained their understading of the situation in Abuja on Wednesday:
“Different revelations have emerged of massive fraud in the fuel subsidy process. Trillions of naira are alleged to have been fraudulently stolen from the government purse in the name of fuel subsidy payments. It is heart rending to discover that the country is being bled on the side despite its already anaemic financial status”.
1. On economic and other benefits of the subsidy removal
The removal of subsidy will not only break the cabal but also encourage those who have had refining licenses approved several years ago to go ahead to build the refineries.
Subsidy removal will tackle the incessant scarcity of petrol due to importation and also the spring up of petrochemical industries alongside local refining to create jobs.
With this removal of subsidy, we will be exporting refined petroleum products thereby earning foreign currencies to shore up our reserves.”
2. The subsidy removal and telecom revolution — what’s in common?
“It is time we do the next big thing after the great telecoms revolution that came with the liberalization of the sector in the early 2000s. We predict that the boom economy experienced with the deregulation of the downstream oil sector will make the telecoms experience a child’s play”
3. Over 1 trillion naira were spent on petrol subsidies
“Nigeria in the last five years has consistently spent over 1 trillion naira that is about $5b USD annually on petrol subsidies, same country that spent less than 20 billion naira on roads in the year 2015, but spent over 1 trillion naira on petrol subsidies in same year. This is unacceptable. It is on this backdrop that we proudly demand that no group or persons should distract the President Muhammadu Buhari-led administration from saving this nation from this canker worm called fuel subsidy”.
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