NECA Backs FG On Fuel Subsidy Removal

The Nigeria Employers’ Consultative Association (NECA) says it is in support of fuel subsidy removal as planned by the Federal Government.

“Our position is for us to remove subsidy while you deal with the issues of the four refineries. If we make the four refineries functional, then we’ll have no business importing, and that will crash the issue of subsidy totally,” NECA Director General, Adewale Oyerinde said on Channels Television’s Sunrise Daily programme on Tuesday.

“Come to think of it, the controversy around the subsidy regime is one that some have called a scam or organised crime. When key officials in the OPS (Organised Private Sector) and key officials of government are also saying that, then it calls for deep reflection,” he added.

The NECA boss highlighted that there had been calls for a judicial inquiry to tackle the much-debated subsidy issue. He recommended that the government revisit the reasons for the non-functionality of the country’s four refineries.

“We’ve had turnaround maintenances over time. Four refineries in a country as big as ours, probably the only country in OPEC that is not refining sufficiently,” he stated.

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“We believe strongly that we should do away with subsidy; it is unsustainable and it is a drain in Nigeria’s revenue. Very few people are benefiting from it, not the whole of Nigerians. But before you deal with the issue of subsidies, let’s address the low-hanging fruit, that is, fixing the refineries. We can do it.”