Investor Appeals To NLC For Restraint On Subsidy Removal

An investor in the oil and gas industry and a chieftain of the All Progressives Congress (APC) in Edo State, Dr Joseph Ikpea, has called for caution on the part of  organised labour towards the removal of fuel subsidy by the federal government and called for support for President Bola Tinubu’s move to end the controversial initiative.

Ikpea in a statement made available to journalists in Benin City said there may not have been a better time to take that decision than now.

The 2024 Edo governorship hopeful said with time, what was experienced in the telecom industry when it was deregulated to allow private sector participation which he said had already commenced with the investment of Aliko Dangote in his recently commissioned refinery would be the same in the oil sector.

He said; “I can conveniently take a bet with anyone that this is going to be the same direction when  the oil and gas sector is liberalised and completely opened up to allow for more private sector players to come and invest, like the recent commissioning of Dangote multi-billion dollar refinery in Lagos.

“It is important for us to remember that the former administration had promised to make our refineries work within six months, but it was not achieved, because of the cabals’ interest in ensuring that the oil subsidy remains. But let it be known that our present president is an advanced national wealth creator and economic growth strategist whose style will profit the nation

“It is my candid view to appeal to the leadership of the Nigeria Labour Congress(NLC) and other stakeholders to take a critical look, not at the immediate hardship or displeasure the policy will cause but the long term positive effects on the economy and the people.

“I will want to also call on our dear president, Asiwaju Bola Ahmed Tinubu to, as a matter of urgency, constitute a powerful economic team that would study the possible effects of the subsidy removal, design a possible and implementable policy aimed at cushioning the effects of the withdrawal as well as also be in the know of the movement and usage of the saved subsidy.