NewStats: 3,261,929 , 8,175,566 topics. Date: Saturday, 31 May 2025 at 05:13 AM 696r6g

A prominent member of Organised Private Sector, OPS, the Nigeria Employers’ Consultative Association, NECA, has said the federal government got it wrong the manner it removed subsidy on motor spirit, commonly known as petrol, in June.

In an interview with Vanguard, the Director-General of NECA, Adewale-Smatt Oyerinde, said with the benefit of hindsight, one of the things that should have been done before the subsidy removal was to fix at least one of the nation’s four refineries to create a buffer or bridge for fuel prices.

Speaking on whether the expectations of fuel subsidy removal had been met, he said: “When you find yourself in a hole, the first thing you will do is to stop digging. When you stop digging, it does not mean you are out of the hole because you are already on ground minus zero.

”The first thing you will have to do is get yourself out of the minus ground zero to zero level before you can start thinking about development or its gains.

”What has happened now is that subsidy has been removed and when subsidy is removed, one of the things we should have done, with the benefit of hindsight, is to fix at least one of those refineries to create the buffer or a bridge for fuel prices.

”Because we did not do that, the issue of importation at the global market prices, came up and we have to pay at that price. The flip side is that before the last istration left around January and February, it was reported that we were using about 98 per cent of our revenue to service debt.

“It showed that there was no revenue in place. The past istration made provision for fuel subsidy up till June. If the past istration was actually borrowing to fund subsidy, the natural sequence for a business man is to ask himself if he is really saving because you cannot be saving money you don’t have.

”If I am borrowing to fund and I decide not to fund it again, what I have stopped doing is to stop funding it and to stop borrowing. So, you cannot technically say that I am saving because what I have stopped doing is borrowing to subsidy.

”What we need to do now basically and we are not expecting a miracle, we are not expecting that fuel subsidy is removed and probably the small group that are benefiting from it to say the business is over because there will always be some level of fight back. However, it boils down to government doing the needful.”

”Government remains government, irrespective of how strong the cabal is and it should take responsibility for the consequences of the removal. We believe much more can be done, we believe a lot of stakeholders’ engagements can still be done and we also believe that more transparency can be put into all these issues of fuel subsidy.

”That will assuage stakeholders and help government build consensus around its plan, especially as it relates to removal of fuel subsidy.”

https://www.vanguardngr.com/2023/10/how-fg-got-subsidy-removal-wrong-neca/amp/

Cool

Someone who's head has been condemned by cocaine can never get anything right, apart from forgery.

Carry you consolation report and go and rest abeg

olodo dumbhead incompetent buffoon of an interim president! You can't give what you don't have mr. Bat

I'm bemused at how BAT's istration is playing out.
Howbeit $1 is exceeding #1k so if you desire to live above your bills and you are internet savvy then get an online earning that comes as $ ...smart peeps of online community now save in $ as Nigerians.

Nahunger:


Tell me one single thing FG HAS EVER DONE RIGHT??
SINCE 1960 TILL DATE!!

JUST POINT ONE THING 🥹🥹

They remained as FG...pun intended.

PoliteActivist:


What pun was intended?

Wittyness.

Alright, let's see how it goes then.

Mr Oyerinde, please off your mic!

Nairalanda1 and the nairaland Agbadeux corn-demics are not ready for this conversation yet.

Hmmm

Where will the money to fund subsidy till a new refinery is built come from?

Everyone just won chuk mouth for subsidy matter!


It seems na to abuse the president be the new Osubidients normal now!

Nigeria is already a failed country, when a certificate forger is ruling what do you expect?

Certificate forger no sabi anything

Tell me one single thing FG HAS EVER DONE RIGHT??
SINCE 1960 TILL DATE!!

JUST POINT ONE THING 🥹🥹

There is no money to pay for subsidy again

Where are the children of the corn to defend their senile slavemaster

Fix refineries before removal of subsidy instead he puts the cart before the horse.
At least BATists should be enjoying their ignorance now that inflation is on acceleration 😂

As a true Yoruba, I value good deeds more than stomach infrastructure

He was already in euphoria and power drunk of being the President and hurriedly announced it while was not yet in office sef. He likes leadership but lacks it's rudiments, forget the fake Lagos they said he built

Pandora said he would have devalued naira if he was the president.... Maybe mad man don advice am again...

Spectators know how to do it better.

I a friend that once said he can score better than Ronaldo

Tinubu, not FG

Think9ja:
Tinubu, not FG

My brother thank you for the correction..

How Tinubu Got Subsidy Removal Wrong

How Tinubu Got Certificate forgery Wrong

How Tinubu Got Dollar policy Wrong

The man BAT, is destroying Nigeria right now.

Tinubu is a fraud so expect fraud things from him

Vision less people that care only about their selfish interest.

Only those who consciencelessly mediocrity, impunity, indiscipline, lawlessness, criminality etc think that anything good will ever come from this govt.

They told us he is a renound strategist and a graduate of Chicago state university but they forgot to tell us he itted in Chatham House that CSU attested he graduated and they gave him the original replacement certificate. Now he is turning our economy upside down taxing us heavily without any improvement in our economy.

God will not forgive who ever that this evil. What a shame to our nation no wonder he has not said a word since atiku came back.

Everybody just dey postulate on-top the subsidy removal. Some say FG suppose first sell the refineries, others say dem for no remove the subsidy at all in the first place. Another set say dem suppose first repair the refineries before subsidy removal.

Whether there is a working refinery on ground or not, what difference does it make?

Whatever price the local refinery sells its petrol will reference the global petrol price.

It is like the argument that if a nation is self sufficient in food production, the war against hunger is won.

That is a myth as the primary cause of hunger isn't a lack of food. It is actually a lack of money. As long as there's poverty, you'll always be hunger. The North, Nigeria's primary bread basket is the hunger capital of Nigeria due to crushing poverty there.

That's why India, a country self sufficient in food production and a massive exporter as well 45.3% of kids under 5 were underweight while

Wrong pegs in wrong holes, they can never get anything right. Know this know peace.

You don't need to tell us, we all saw how Tinubu foolishly proclaimed subsidy "gone" during his inauguration speech to sound smart.

He didn't appoint any economic advisors, didn't plan a time frame or run it by anyone, he just carelessly opened his mouth and the price of fuel doubled overnight.

Now that hunger has started choking his ers he's scrambling to fix what can not be undone.

The wise among us warned you about the hardship you are now experiencing.