The withdrawal of the fuel subsidy announced by President Bola Tinubu is supported, according to the Nigeria Employers Consultative Association (NECA).
This was mentioned in a statement released by the NECA director general on Tuesday in Lagos.
However, Mr. Oyerinde asked Mr. Tinubu’s administration to fix the country’s four refineries as soon as possible in light of the withdrawal of fuel subsidies, which led to an unprecedented increase in the price of petrol and transportation costs.
The head of NECA advised Mr. Tinubu to adopt policies that are focused on the future in order to address the nation’s present petrol problem, noting that the majority of possible interventions would require a medium- or long-term length of time to take effect.
Therefore, it is wiser to consider the future while making plans. Programmes and policies that result in long-term or permanent solutions are needed, according to Mr. Oyerinde.
As part of his remarks, he reaffirmed NECA’s “call for the total removal of fuel subsidy” because “it will promote enterprise sustainability, growth, and competitiveness.” He also emphasised that initiatives should be implemented to boost manufacturing and industrial output in order to strengthen local economies.
The NECA president emphasised that “subsidy removal will trigger huge financial revenue that can be channelled into infrastructure development, among other things.”
Mr Oyerinde asked the government to promote widespread education and knowledge of the significance and advantages of eliminating petrol subsidies.
He contends that Nigerians need to be aware that the strategy is advantageous to both the country’s economic and well-being.