The Senator-Elect for Delta Central Senatorial District, Chief Ede Dafinone, says the long-term benefits that’ll follow the removal of subsidy from petrol will outweigh and assuage Nigerians in the nearest future.
The scion of the Dafinone dynasty of Sapele said that there would never be a better time for fuel subsidy removal in the country without it causing temporary pains to the Nigerian populace.
Dafinone, an economist and a renowned chartered accountant, stated this while speaking to a team of journalists on the raging debate on the impact of the petroleum subsidy removal as was announced by President Bola Tinubu during his inaugural address as the nation’s 16th president.
He called on Nigerians to prepare to adjust to the painful future reality of buying fuel at higher prices, noting that no matter how long the decision is postponed, it’s a hard decision that Nigeria must take as a nation, as the government cannot continue to devote such a significant proportion of the annual budget to fund the fuel subsidy.
He, therefore, charged Nigerians to look at the brighter side of the policy as the government would be able to use the funds previously spent on fuel subsidies to affect health, education, power, police, infrastructure, and other critical sectors.
Dafinone further noted that the rumoured lack of transparency in the management of the petrol subsidy has led to many Nigerians being in favour of the removal of the subsidy despite the hardship that it would bring to the population.
According to the former Chairman of the Manufacturer’s Association of Nigeria Export Promotion Group, “while the impact of the subsidy removal is immediate; the benefits that the country would derive through the redirection of the about N400b spent monthly on Subsidy (according to NNPC records) would take about six months to one year to be felt by the populace”.
“The timing of its removal is in adherence to the budget approved by the outgoing administration as the 2023 budget makes no provision for petrol subsidy for the second half of the year.
“President Bola Ahmed Tinubu only emphasized the policy change announced by the past administration.
“His statement removes the uncertainty on a major component of government expenditure and would no doubt reassure our external creditors.
“I have also heard some people arguing that the President would have waited for the Dangote Refinery to be fully operational before the removal of the fuel subsidy.
“Whilst I congratulate Alhaji Aliko Dangote for the success of the refinery project, the fact remains that the impact of the Dangote refinery selling its products in the Nigerian market would be marginal in terms of the cost of fuel at the pumps in Nigeria,” he averred.
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