The Nigeria Union of Petroleum and Natural Gas workers (NUPENG) has said that it is wrong for the Presidential Economic Advisory Committee (PEAC) to advice the Federal Government to remove fuel subsidy adding that it is going to be highly suicidal to remove petrol subsidy now
It was earlier reported on Monday that PEAC advised President Buhari to remove subsidy on petrol and adopt a pricing regime that reflects the cost of the commodity.
However, the General Secretary, NUPENG, Olawale Afolabi, has said that implementing the advice would spell doom for the poor masses considering the present fall in the Nigerian economy..
According to him, “Within the current context of hardship in the country, it is suicidal to remove subsidy now. It is highly suicidal within the current situation. Deregulation is desirable in the downstream sector but we cannot deregulate within the context of importation. We have always been saying that domestic production is the way to go.”
Disclosing the benefits of deregulation, Afolabi stated that, “It will engender increased business activities in the downstream sector but it should not be based on importation of products. You should deregulate within the context of local refining.”
Meanwhile, when reportedly told that the refineries were not working, Afolabi replied that, “That means that the advice (of the PEAC) is wrong. That means that the advice is not applicable now. And for emphasis, within the context of the current hardship in the country you cannot remove subsidy at this period.”