Subsidy removal will speed up economic growth- CSO

A Civil Society group, Stand Up Nigeria has expressed optimism that once the monies freed from subsidy removal are appropriated and ploughed back into the economy, all sectors of the economy will begin to witness quantum growth.

National Coordinator of the group, Sunday Attah who briefed journalists on Thursday in Abuja during a solidarity match said Nigerians would soon begin to see the positive effects of subsidy removal, urging them to be patient with President Bola Tinubu over the removal of subsidy on petrol.

He said already there have been some positive gains recorded since the subsidy was removed, noting that the President has done the right thing by removing the subsidy as the advantages of doing so outweigh the disadvantages.

“The theft and diversion of Nigeria’s natural resources has gone on for years due to porous boarders and these have negatively affected the economy.

“What we now have as a result of subsidy removal is responsible consumption and the reduction of waste as the prices become more market reflective.

“We have seen how many of these black market filling stations that were benefitting from huge subsidies at the expense of Nigeria closing shop” he said.

Attah noted that the removal has freed up funds for other public services, including health and infrastructure projects by stopping corruption around what is known as the subsidy regime, which has made some individuals stupendously rich without investment in the economy.

He allayed fears that the proceeds made from the removal will be embezzled, explaining that President Tinubu has shown that he has the integrity to use the funds for the development of the country and has announced a number of palliatives to cushion the effects of the increase in the price of fuel.

He said “Experts say the removal of subsidy will also make the revamping of domestic refineries imperative and will stimulate the economy by the time the refineries function at optimal levels.

“From all these, it obvious that the President Tinubu led administration has done the right thing and should be supported to deliver on the dividends of democracy.

“The opposition and those elements opposed to the measure should know that election is over and all hands must be on deck to support the government to do what is right and in the interest of the people of the country.”

Attach also called on President Bola Ahmed Tinubu to fight oil theft which he identified as a major problem confronting the oil industry in Nigeria.