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‘Fuel subsidy in Federal Government's regime: A drain to the nation's economy

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The Director of Research and Advocacy , at the Lagos Chamber of Commerce and Industry ( LCCI) , Vincent Nwani, has said that the fuel subsidy regime of the Federal Government has drastically affected the nation’ s economy .

He  expressed displeasure over  the continuous funding of fuel subsidy over capital projects  adding that this would continue to leave a huge hole in the nation ’ s purse

Nwani while Speaking to newsmen at a debate , organized by The Liberal Forum (TLF ) recently in Lagos , urged the government to eradicate the subsidy on fuel, stating that it is only profitable to the rich and leaves the poor in abject poverty.

In 2018, the Nigerian government spent about N 1 . 3 trillion in 2018 on subsidising the cost of fuel, over 50 per cent of the monies allocated to capital projects , while the less privileged children are out of school .

He applauded  the organizers of the event for setting up the debate , stressing that  it is one of the ways through which players in the industry would identify sharp minds from schools and be able to identify their potentials and improve  them.

Similarly, the Secretary , TLF , Dr . Abimbola Agboluaje , said that the elimination of the fuel subsidy  should be addressed on time  and argued that the nation should not be spending over one trillion naira on fuel subsidy  when the monies allocated to health and education is lesser.

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