Civil society coalition calls for end of fuel subsidy regime by January 2022

The Federal Government has been called upon end the fuel subsidy regime effect from January 1, 2022. in order to save the sum of N250 billion monthly as the economy of Nigeria has become very fragile given the financial burden orchestrated by the subsidy regime.

A Coalition of Civil Society Organisations in Nigeria, comprising 82 different groups, and operated under the aegis of “Civil Society Coalition for Economic Development (CED) made the call in a communique issued at the end of a conference held at the weekend simultaneously in Abuja and Lagos.

The conference titled: “Fuel subsidy removal” in Nigeria was convened by Comrade Yusuf Dan Maitama.

The communique said resource persons who are world-class researchers in the oil and gas industry extrapolated issues bordering on Nigeria’s oil and gas industry and identified Nigeria’s major economic challenges as that of the active fuel subsidy regime.

Participants at the conference were unanimous that Nigeria was the only country in the world that sustained a fuel subsidy regime for the past 20 years.

It noted that the fuel subsidy regime was a capitalist and elitist policy that services only the top-heavy, hence, successive governments found it difficult to implement their economic policies.

It was also pointed out at the conference that the Federal government of Nigeria spends N250 billion on fuel subsidy every month. The development, discussants averred was largely responsible for national debts as revenue coming into the Consolidated Revenue Fund (CRF) account are used to settle the fuel subsidy.

That Nigeria is a monolithic economy as such, revenue earnings must be jealously guarded and which should be channelled into road construction, power, education, health and development of its youth.

The group also urged the Federal government and all stakeholders in the oil and gas industry to strictly enforce the provisions of the Petroleum Industry Act (PIA), which came into effect after it was signed into law by President Muhammadu Buhari.

The group, therefore, appealed to the organised labour to be considerate and not to embark on strike action in the circumstance that the Federal Government has ended the fuel subsidy regime, given the reversal of huge resources back into the Federal Government coffers.

That the Federal Government, private and public sectors should embark on sensitisation of Nigerians on the need for immediate removal of fuel subsidy in order to save the nation from further financial haemorrhage.

The Federal Government was urged to forward the budgetary provision of N5000 grant to citizens to cushion the effect of fuel subsidy removal to the two arms of the National Assembly for legislative debate before the passage of the 2022 budget.

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