‘Subsidy removal will stimulate industrialisation, create jobs’

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The Tinubu Support Network as well as the Amalgamated APC support Groups, have observed that the removal of fuel subsidy will stimulate industrialisation, create jobs as well as economic growth.

The groups spoke against the backdrop of impending strike action by the Nigerian Labour Congress (NLC) billed for Wednesday.

Addressing a press conference in Kaduna at the weekend, the leader of the groups, Khailani Muhammad noted that the benefits of the full deregulation of the petroleum sector could lead to rapid Infrastructural Development.

For instance, he noted that it could free up public funds for more meaningful infrastructure and developmental programs that stimulate industrialisation, create jobs, economic growth and social prosperity.

Muhammad contended that “For example almost N12 trillion spent on subsidy in the last 4 years is more than sufficient to develop any of the following projects: 2,400, hospitals of 1000 bed capacity across 774 LGA or 500,000 new houses to provide shelter to over 3.5 million Nigerians, provide 27GW of electricity generation, skill up and provide education up to tertiary levels for over 2 million Nigerians.

He also remarked that subsidy removal creates a market reflective downstream which invariably stimulates more downstream investments, especially in the domestic refining space, thereby creating more jobs, prosperity and growth.

“It could reduce gasoline smuggling and diversion,” he added.

“The removal of fuel subsidy eliminates the unhealthy price arbitrage with neighbouring countries thereby preventing the diversion and smuggling of gasoline outside the Nations borders which bleeds our economy.

“It also reduces corruption surrounding internal product diversion as many marketers procure gasoline at subsidized regulated wholesale prices but still sell at deregulated retail prices.

On the leadership of the 10th National Assembly, the Director General of the Amalgamated APC support Groups, noted that the North West should be given to slot based on the votes they gave to President Tinubu.

According to him, it not the issue of religion or zone but the person who will lead the senate should be competent, saying, so far the former governor of Zamfara state, Abdulkadir Yari seems to be far ahead than those seeking for the office in the North West zone and other zones.