Removal of fuel subsidy’ll save Nigeria N2trn, says economy expert
A non-governmental organisation and knowledge-based institution, Centre for Social Justice (CSJ), yesterday, said that the removal of petroleum subsidy will save the Federal Government over N2 trillion.
This was even as it condemned the Federal Government’s plan to borrow N126.925 billion for the National Identity Management Commission (NIMC) project.
Reviewing the 2022 Appropriation Bill, yesterday, in Abuja, the Lead Director, Centre for Social Justice (CSJ), Mr Eze Onyekpere, wondered why the Federal Government should borrow so much for a national identity card scheme when majority of Nigerians are yet to get cards ten years after their biometrics have been captured.
He said that the 2022 Appropriation Act should contain an explicit provision abolishing fuel subsidies, under-recovery or any subsidy on petroleum motor spirit by whatever name called or under any guise whatsoever.
This, he noted, will save the nation not less than N2 trillion and make same available for the Federation Account.
According to Onyekpere, not less than 60 per cent of the savings accruing from abolishing the subsidy should be channelled to dedicated ring-fenced (statutory) expenditure in education and health.
On the national identity card, he opined that the commission should be called to question over N126.925 billion to be borrowed.
“Why do we need to borrow so much for a national identity card scheme? Can the commission explain why the identity cards have not reached a majority of Nigerians whose identities have been captured over 10 years since the scheme kicked off?” he asked.