REMOVAL OF FUEL SUBSIDY WITHOUT FUNCTIONAL REFINERIES IS A MISPLACED POLICY; My Take on TVC News (19/7/2023)
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The cost of petrol will keep going up because of Nigeria has no refining capacity to meet local consumption of petroleum product. The naira cannot significantly gain on the dollar because there are no serious economic progress to hope for.
I keep reiterating that the policy of subsidy removal was hasty and brutal. You cannot remove subsidy without having local refineries working, that is vodoo economics.
Subsidy came because government failed in it’s responsibility to refine products locally. So, for subsidy to go, there must be refineries working to meet local needs.
The Government is not a profit organization but exists for the welfare of the citizen, once this is not the priority of a policy, then we will begin to question the sincerity of purpose of those who govern us.
Kindly click the link below to watch the rest of my submission
Dr. Ambrose Igboke
