The Nigeria Employers’ Consultative Association (NECA) has expressed concern over fuel subsidy regime and the increasing debt profile.
Director-general, Mr. Timothy Olawale, speaking at Abeokuta, Ogun State, stated that “Like a sore that has refused to heal, the recurring issue of fuel scarcity has reared up its ugly head again.
“We are where we are today because despite past sound counsel, government has not been faithful to the deregulation of the premium motor spirit (PMS) market of the downstream sector of the oil and gas. Let us ponder and ask ourselves where the non-deregulation of the petroleum sector has led our economy.”
Giving insight into the need for urgent deregulation of the downstream oil sector, the NECA boss stated that “over the last decade, the country has spent over N9 trillion on fuel subsidy, about N15.5 trillion on capital expenditure, N2.1 trillion on health and about N3.9 trillion on education.
He noted that by and large, the fuel subsidy regime has succeeded in creating phony and emergency billionaires at the expense of millions of pauperised Nigerians.
In the same light, Olawale expressed concern at the growing debt stock of the nation with huge percentage of the budget, over the last decade going to debt servicing.
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