NECA Advises FG on Fuel Subsidy Fraud, High Debt Profile
The Director General of Nigeria Employers’ Consultative Association, NECA, Mr. Timothy Olawale, Monday advised the federal government on how it can end the fuel subsidy regime and rising debt profile in the country.
Olawale who said his association was worried about the corruption associated in fuel subsidy advised government to begin an awareness campaign that will lead to the deregulation of the downstream oil sector and what will bring to an end the rising debt.
According to him, the fuel subsidy has created emergency billionaires at the expense of the country’s economy.
He opined that what government needs to do was to deregulate the PMS market in the down stream sector, adding that over dependence on importation of fuel was seriously affecting the economy.
He said that what is even worrisome is that as the subsidy is creating emergency billionaires, the masses of Nigerians are being pauperized.
Olawale said the biggest problem facing the country is fuel subsidy and increasing debt profile.
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