Ibru to FG: Subsidize education, health, not fuel

An entrepreneur guru and founder of Ikeja Hotel Plc, owners of Sheraton Hotel & Towers, Lagos, Mr Goodie Ibru has joined some other Nigerians to call on the Federal Government to remove subsidies on petroleum products and instead subsidise education and health on a larger scale.

He also harped on entrepreneurial skills and knowledge particularly for students in colleges and universities, saying that would help many of them to become job creators rather than job seekers even while still in schools.

Mr Ibru gave these opinions while delivering the 2022 Distinguished Personality Lecture Series organised by the Lagos State University (LASU) Ojo, on Thursday. He spoke on “Imperatives of a 21st Century Nigerian Economy: An Entrepreneur’s Perspectives.”

According to him, the fuel subsidy controversy in the country has lingered for too long and instead of the government continuing subsidizing petrol, it should subsidize education and health on a larger scale.

He said such would enable every Nigerian to be equipped to compete more equally in the marketplace of opportunities consequently leading to real economic prosperity for the country.

Using global perspective on prices of fuel in various countries of the world including some neighbouring West and Central African countries and compare them with that of Nigeria which he said is very low to draw home his argument, he said it was simply non-sustainable for Nigeria to continue to subsidise the local fuel pump price.

According to him, the government spends several billions of Naira to support the oil and gas industry sector and unless this scenario is corrected to favour full liberalization of the sector, fuel smuggling will continue and the subsidy will also continue to drain the country’s public finances.

Ibru, who is the former President of Lagos Chamber of Commerce and Industry (LCCI) and also canvassed for full privatisation of the power sector including the Transmission Company of Nigeria to make the sector according to him more effective like the telecommunication industry, said though government ought to have set conditions for International Oil Companies (IOCs) while allocating oil blocs to them to build refineries in the country as that would greatly help to lower the cost of fuel in the country.

He said as it is, the government certainly needs to develop the required political will to ensure the successful removal of the subsidy and that the winning strategy is for both the ruling party and the opposition parties as well as other stakeholders to be on the same page on the issue.

He said that was how the Federal Government could prevent a serious national public finance crisis that could result if the status quo remains.

Speaking earlier, the Vice-chancellor of LASU, Prof Ibiyemi Olatunji-Bello, also stressed the importance of entrepreneurship, especially in the 21st Century economy, saying entrepreneurs add great value to national income, help generate employment as well new wealth.

She said that was why LASU makes teaching entrepreneurship a core subject for every student irrespective of courses of study.

She thanked the guest speaker for sharing with the students and other members of the university community his knowledge and wealth of experience, saying she is hopeful that the knowledge gains would greatly help them.

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