Why subsidy should be removed

The organised private sector has thrown its weight behind the call on the Federal Government to remove fuel subsidy.

National Vice President,
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Mr. Billy Harry, yesterday, supported the scrapping of subsidy on petroleum products, saying subsidy has failed to benefit ordinary Nigerians over the years.

Also, the Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf in a statement said: “The biggest hole in the finances of government in the country today is related to subsidy payments. There are two components of this. The first is the actual subsidy, which is the differential between the pump price and the landing and other costs of fuel. The second (and more disturbing component) is the corruption inherent in the fuel subsidy regime.