The Director General of Nigeria Employers Consultative Association of Nigeria (NECA), Mr. Adewale Oyerinde has decried payment of N18.397 billion as subsidy per day, calling on President Muhammadu Buhari to channel that amount in setting up at least a modular refinery that can act as a good legacy behind by his regime.
Oyerinde who stated this while addressing Labour Writers Association of Nigeria in his office in Lagos commended Aliko Dangote for the ongoing construction of Dangote refinery and reiterated that relying on one refinery being built by Dangote may not be enough to save the country from the wood.
He lamented the huge amount of money spent so far in subsidy payment and turnaround maintenance for the country’s existing refineries, saying he believed such amount could be channeled into setting up at least a modular refinery to act as compliment to the one being built by Dangote.
Expressing his displeasure over the humongous amount of money being paid as subsidy per day as revealed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, the DG noted that “as Governments, past and current regime have been spending huge sums on turnaround maintenance of the nation’s refineries without yielding the expected positive results, such amount can be channelled into setting up of at least a modular refinery.
Oyerinde likewise, called on the Federal Government to address the issue of creating a conducive environment for small business to thrive, adding that manufacturing companies are the bedrocks for job creation.
“FG should focus more on saving the economy from the wood by channeling foreign exchange to those manufacturing industries that are in dire need for running their firms.”
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