Fuel subsidy unjustifiable -NECA

It is no longer justifiable for Nigeria to continue to depend on fuel importation because the policy portends grave danger for the future of the nation’s economy, the Nigeria Employers’ Consultative Association (NECA), has said.

Outgoing President of the Association, Chief Richard Uche, advised during the NECA Annual General Meeting (AGM) in Lagos recently that the federal government should stop subsidising the price of fuel and deregulate the nation’s oil and gas industry.

According to him, subsidy regime was not sustainable, adding that it could not lead to the development of the Nigerian economy.

His position contrasted sharply with views from many quarters, including the Senate that advocated retaining the subsidy regime in the country.

He said: “We are, therefore, hopeful that after the 2015 general elections, the federal government will bring the issue back to the front burner. It is indeed imperative for the government to create an enabling business environment where local refineries will sprout and flourish in order to put an end to an anemic dispensation of fuel subsidy and fuel importation.’’

He spoke on the electricity challenges, highlighting the need to get the sector working properly to boosting the nation’s economic potentials.

He lamented the multiplicity of regulatory agencies in the country, saying they were killing local businesses and smearing Nigerian public image as an unfriendly investors’ destination.