POLITICIANS WANT FUEL SUBSIDY TO CONTINUE AT ALL COST, TINUBU SAYS

POLITICIANS WANT FUEL SUBSIDY TO CONTINUE AT ALL COST, TINUBU SAYS

Wale Tinubu, Chief Executive Officer of Oando Group, has said that politicians want subsidy on crude oil products to continue at all cost.

Speaking yesterday at the ongoing oil and gas conference in Abuja, Tinubu called for the deregulation of the downstream sector, stating that the federal government needed to stop subsidy.

According to him, $5 billion, which was more than what was spent on education and housing combined, was spent on fuel subsidy in 2018.

He opined that the other vital sectors of the economy, like education and health, among others, were in need of finance, and the amounts spent on subsidy should have been directed to other crucial sectors or towards infrastructural development.

“At a population growth rate of three per cent the question is what is the best – to invest in infrastructure or consumption? There is a big debate that has to be made around this and as stakeholders, we absolutely need to champion that debate with the federal government”. He expressed.

Tinubu upheld that the politicians want the subsidy to continue at all cost, but there is long-term damage that is being done to the country and industry.

He called on stakeholders in the petroleum industry to support the deregulation of the oil and gas sector in order promote growth.

In addition, he commended the recent appointment of Mele Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), describing him as a phenomenal and ingenious technocrat.

 

TheCable