Kingsley Moghalu has revealed why petrol subsidy must be totally removed in Nigeria.
The former Deputy Governor of the Central Bank of Nigeria (CBN) in a statement on Monday via his Twitter account said subsidy must be removed if Nigeria would have a chance at economic revival.
He argued that many Nigerians are not well educated on the disadvantages of the subsidy regime and the fraud it is being used to carry out and that is why there’s resistance to the planned removal.
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The former CBN Deputy Governor submitted that even with subsidy in place, life has gotten progressively worse for Nigerians hence it is better to educate the people of the country while the government puts in place well-conceived packages to reduce the potential inflationary impact the subsidy removal would bring along.
He wrote: “Petroleum subsidy must be removed if Nigeria is to have a chance at economic revival. The problem is that millions of Nigerians are not well educated on the disadvantages of the subsidy and the fraud it perpetuates on the economy. This education, plus a well conceived program (public transport, advisedly) to reduce the potential inflationary impact of subsidy removal, must happen over the next three months, then subsidy should be removed. Even with the subsidy for several decades, life has still gotten progressively worse for Nigerians. #NoExcuses.”