Why petrol subsidy must be removed — PENGASSAN


…says move’ll improve Forex

…Tasks FG on fixing local refineries

By Obas Esiedesa, and Ezra Ukanwa, Abuja.

The PETROLEUM and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has advised the incoming administration to, as a matter of urgency, remove the petrol subsidy as part of efforts to facilitate the growth of the downstream sector of the oil and gas industry.

The call was made by PENGASSAN President, Comrade Festus Osifo, at the National
Executive Council, NEC, meeting of the Association, held on Tuesday, in Abuja.

Osifo, stating that past administrations’ commitments to retaining subsidies in the country have adversely affected the cost of living and the economy at large, also said that subsidy has shrunk the country’s dollar reserve and further frustrated the exchange market.

While maintaining its stand on the removal of subsidies, he advised that the move would help the country save more and speed up infrastructural development across the…

Source: Vanguard Newspaper