The Centre for Transparency Advocacy (CTA) has urged the President-elect, Sen. Bola Tinubu, to ensure the immediate removal of fuel subsidy, once he assumes office on May 29.
The Executive Director CTA, Ms Faith Nwadishi said this in Abuja on Thursday.
According to her, subsidy would have to give way if the country’s economy is to grow, but it should be done gradually.
“Whether we like it or not, the subsidy has to go for us to grow in this country.
“I support the removal of subsidy but not to remove it immediately. I thought subsidy was the only way that we can benefit from the Commonwealth.
“We are not benefiting. We have four refineries in this country that are supposed to produce 445, 000 barrels per day. Now when you refine 445, 000 barrels you get over 70 million litres of petrol.
“So if we refine our own 445, 000 barrel, we will have excess and be looking for where to take the rest to,” Nwadishi said.
She urged the incoming administration to place a high priority on the repositioning of the extractive industry as well as addressing Nigeria’s high unemployment rate and the country’s indebtedness.
“Extractives should be a priority because the extractive sector is our golden goose that lays the golden egg.
“We must ensure that we make it a priority. We must look at building our economy so that we can address the issue of the debts we have.
“I know that as a government coming in with this kind of financial situation and crisis we find ourselves, there is no way the government will not borrow.
“But in borrowing, we need to find ways to block the loopholes such as subsidy,” Nwadishi said.
The executive director urged Tinubu to develop the solid mineral sector and block all the loopholes in the sector, especially the activities of illegal miners.
“Tinubu should give a better blueprint with the relationship with China and India in the part they play with extracting our solid minerals without anything coming back to Nigeria.
“We need to also look at community participation in all of these.
“The Petroleum Industry Act (PIA) is also there. We need to ensure that the PIA is working and very well.
“We have to also look at the issue of security and see how we can gain the trust of Nigerians.
“The level of insecurity has skyrocketed. We need to look at that very closely.
“We have to look at our economy and begin to reverse the inflation rate to go back to a single digit. We need to also look at the issue of multi-dimensional poverty in the country,” she said.
