The Nigeria Employers’ Consultative Association (NECA) has expressed its endorsement of President Ahmed Bola Tinubu’s decision to remove fuel subsidy.
In a statement released on Tuesday in Lagos, Adewale-Smatt Oyerinde, the Director-General of NECA, conveyed the organization’s stance.
However, Oyerinde emphasized the urgent need for the Federal Government to address the state of the country’s four refineries following the removal of fuel subsidy.
This action has resulted in an unprecedented surge in petrol prices and transportation fares.
The Director-General urged President Tinubu’s administration to adopt forward-looking policies to address the current fuel crisis effectively.
Oyerinde highlighted that many interventions capable of mitigating the crisis would require a medium to long-term timeframe for implementation.
“It is therefore advisable to plan for the future. We require programs and policies that offer permanent or long-term solutions,” Oyerinde remarked.
He further emphasized the importance of stimulating manufacturing and industrial production to foster the development of local economies.
“We reiterate our call for the complete removal of fuel subsidy, as it will promote sustainable enterprise growth and competitiveness. Subsidy removal will generate substantial financial revenue that can be allocated to infrastructure development, among other areas,” he explained.
Oyerinde urged the Federal Government to conduct extensive education and awareness campaigns to communicate the essence and benefits of removing petrol subsidy.
He emphasized the need for Nigerians to understand that this policy is in their best interest and will positively impact both their well-being and the economy.