Economy
THE Reformed Nigeria Youths Movement (RNYM) says Nigerians will gain much from subsidy removal, though, it might come with some pains.
This is contained in a statement by its National Chairman, Mr Moronkola Teslim, on Monday in Ibadan.
Teslim, while commending the Tinubu-led administration for implementing the removal of fuel subsidy, traced its history to many years back.
“Oil Subsidy removal is as old as the Oil Boom in the early 70s, especially in the 1973’s shock in the price of oil.
“Right from September 2000, all through to this time, oil subsidy has been removed as an indirect welfare package for the masses.
“From reliable statistics, Nigeria has spent over N20 trillion in subsidies since 2006; such a huge amount could be used for other productive projects,” he said.
Teslim said it was no longer news that removal of subsidy would have few adverse effects on the masses, from an increase in the price of petroleum products and consequent increase in the cost of goods and services and high-level inflation to mention, but few.
He said it was important to realise that there would be a huge benefit which Nigerians stand to gain in the removal of oil subsidy, provided that government maintains its ground and with little endurance from the masses.
“It is just within the twinkle of an eye that we will all start enjoying the benefits of the subsidy removal.
“The benefits we stand to gain from removal of the fuel subsidy ranges from availability of funding for other important projects of the government.
“Eradication of fuel to neighbouring countries by some marketers as a result making fuel sufficient for Nigerians, and so on,” Teslim said.
He, however, called on all patriotic Nigerians to wake up, not only to support removal of oil subsidy by the Federal Government.
“But, to resist any mobilisation or influence from any quarter that may be opposing the move as restrictions of this policy are restrictions of better Nigeria,” Teslim said.(NAN)
A.
Tags: Mr Moronkola Teslim subsidy removal
