December 3, 2022

The leadership of the Nigeria Employers’ Consultative Association, NECA, has on Monday expressed its support for removal of fuel subsidy by the federal government.

Expressing NECA’s support for the removal in an interview granted to IsL source, Channesl Television’s breakfast programme, Sunrise Daily, Director-General of the body, Adewale Oyerinde, said: “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.

“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 Organised Private Sector, OPS, and key officials of government are also saying that, then it calls for deep reflection.”

Oyerinde hinted that there had been calls for a judicial inquiry to tackle the much-debated subsidy issue, and recommended that the government revisit the reasons for the non-functionality of the country’s four refineries.

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

“We believe strongly that we should do away with subsidy; it is unsustainable and it is a drain on 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.”

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