Economics and financial experts have urged the federal and state governments to do more in engaging the citizens of the country on the impact of subsidy removal on Nigerians.
The stakeholders disclosed this at a virtual advocacy dialogue organized by The Chartered Institute of Bankers of Nigeria (CIBN) attended by LEADERSHIP.
The dialogue with the theme: Fuel Subsidy Removal: Opportunities for Individuals, Businesses and the Way Forward has eight speakers in attendance.
According to the chief consultant, B. Adedipe Associates, Dr. Biodun Adedipe, FCIB, the best ways in which the federal government can deal with the fuel subsidy issue is to engage the citizens of the country.
He said that citizens’ engagement should be an ongoing thing, detailed explanation should be given by the government as feedback from the public being accepted and evaluated as well.
The President/Chairman of council, CIBN, Ken Opara, Ph.D, FCIB, in his opening remarks, said “it is pertinent to state that the removal of fuel subsidy in Nigeria is projected to have far-reaching consequences on individuals and businesses alike. While the immediate impact may involve adjustments in prices and costs, there are also opportunities for innovation, efficiency, and growth across different sectors of our economy. It is, therefore, crucial for us to understand these dynamics, assess the risks and opportunities, and strategize accordingly.”
Speaking of the fuel subsidy crises, Partner and Chief Economist KPMG Professional Services, Dr Yemi Kale noted that If the federal government can make communications clear, give reasons why subsidy is removed, the pros and cons of the removal, not just the benefits, what to expect, process of implementation, opportunity cost, policies and strategies to minimize cost, explaining all details in a very transparent mode, then the masses will understand better and as well work for the progress of the nation.
Also, Co-founder, Falcon corporation Ltd, Mrs Audrey Joe-Ezigbo, disclosed that there is nothing wrong with subsidy, it is just the way the government applied it.
Explaining the hope of the refineries, the Professional of Energy and Electrical Law ,Unilag, Professor Yemi Oke, further stated that the Nigeria refinery will start operation soon as NNPCL is undertaking repairs, stating that once the production starts, it should bring down the current price of PMS.
