An economist, Dr. Tunji Ogunyemi of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State, has supported the federal government’s plan to completely remove fuel subsidies.
Ogunyemi, in an interview with Rave FM, Osogbo on Friday, said the removal of fuel subsidy is inevitable.
He said Nigeria will go into ruin if it continues with the premium motor spirit (PMS) subsidy system.
The economist, who admitted that the withdrawal of PMS subsidy will cause more hardship to the citizens, said, “No development in any part of the world has ever been established, achieved and possible without pain. not.
“The main truth of this matter is that we cannot continue with this support.
“The only thing the government needs is to establish the basis of public trust.
“The trust that people can see and relate to, to the extent that what is saved from removing subsidies is actually being put back into wealth creation and not going to be spent on political waste.”
He suggested that the Federal Government should remove the subsidy and organize it into a development zone.
Ogunyemi said the huge amount of debt the country owes calls for immediate removal of fuel subsidies
A.O.N News Reports