Essential Ndubuisi
The Association of Professional Bodies of Nigeria, APBN, has hailed the removal of subsidy by the Federal Government, urging President Bola Tinubu to invest the money in areas that will help ameliorate the sufferings of Nigerians.
According to the President of the APBN, Mr Manason Rubainu the subsidy removal was necessary as it was not improving the lives of the people.
Rubainu spoke at the 3rd Board Meeting of APBN Council Year 2022/2024 in Lagos said: “There was still inflation going on so you are providing subsidy what benefit is there? There seems to be no benefit for Nigerians apart from the fact that you go to buy fuel and it’s cheaper.
“Apart from that, life has not been significantly improved because of the subsidy. There is still inflation far before the inflation level was 22 per cent it means we are still going to pay higher whether subsidy is removed or not because of the inflation.
“This subsidy was not of value to the society, it was just going to some private pockets being misused by individuals at individual discretion. So let’s collect that money and put in the hands of government so that it can be redirected to something that will be of benefit.
“Nigerians have accepted it and I think what they have not accepted is the fact that they are suffering.”
He urged Nigerians to first accept some level of discomfort and sufferings while government looks at what are the palliative to further reduce the sufferings.
“I believe that wherever the price of petrol goes it will come down, there is no doubt about that by the time they liberalise the market and allow the market forces to dictate prices, allow everyone to go and buy petrol and sell or if you can produce in a refinery like Dangote, produce and produce petrol for us here. Even modular refineries people should be allowed to produce but we need to regulate so that we have the good quality of petroleum products.
“By the time we do that, competition comes in and people will benefit. A good example is the MTN network service. So there are so many benefits. “While removing fuel subsidy, we should not institutionalise monopoly, give license to anyone who wants to deal with petroleum products whether by refining or importing you will see there will be good competition and the prices will come down,” he added.
He said the subsidy removal was the main topic at the APBN meeting as their members are professionals that are rendering services to the society and people are looking up to get their services and also get educated.
He however, reasoned that though the removal of fuel subsidy by the new government was not appropriate at this time but remained a good step in the right direction.
“It has happened so we have looked at it and we agreed that removal of fuel subsidy is necessary, and in order but how do you ameliorate the sufferings of the consequence of the removal of subsidy?”
He reiterated the need for the government to come up with adequate ways to cushion the effect of the removal. He disclosed that APBN will come up with a position in few weeks.
