The Nigeria Employers’ Consultative Association (NECA) says it supports President Ahmed Bola Tinubu’s decision to eliminate fuel subsidies.
Mr. Adewale-Smatt Oyerinde, Director-General of NECA, said this in a statement issued in Lagos on Tuesday.
Oyerinde encouraged the Federal Government to rapidly repair the nation’s four refineries in the aftermath of the elimination of fuel subsidies, which has resulted in an unprecedented increase in petrol and transit fares.
The NECA director-general asked President Tinubu’s administration to implement forward-thinking strategies to alleviate the country’s present petroleum issue.
He stated that most initiatives that may be implemented in the face of the current situation would require a medium- to long-term time to manifest.
”So it is better to look into the future while planning. We need programmes and policies that will bring permanent or long term solutions,” he said.
Additionally, he noted that steps should be taken to stimulate manufacturing and industrial production in order to develop local economies.
”We reaffirm our call for the total removal of fuel subsidy, it will promote enterprise sustainability, growth, and competitiveness.
”Subsidy removal will trigger huge financial revenue which can be channelled into infrastructure development among others,” he said.
He urged the Federal Government to carry out massive education and awareness creation on the essence and benefits of petrol subsidy removal.
According to him, Nigerians need to know that the policy is the interest of their wellbeing and the economy.
NAN
