Success Nwankwo
The Director-General of the Nigeria Employers’ Consultative Association (NECA), Adewale-Smatt Oyerinde, has advised the federal government to invest the revenue obtained from the fuel subsidy removal into infrastructure.
Roundoffnews gathered that Oyerinde is of the opinion that the reinvestment of the income generated from the fuel subsidy removal into infrastructure is significant to the revitalisation of the economy.
He said; “Reinvesting the proceeds from the withdrawal of fuel subsidies into transportation, port infrastructure, road building, energy generation, and the revival of at least two of the nation’s four national refineries can help the government revitalise the economy.”
“It is no news that the removal of fuel subsidy had resulted in high cost of living beginning with transportation which has affected other sectors of the economy such as production, businesses and other logistics.”
“To this effect, many organisations have resolved to assist their employees with palliates, which has led to added cost and budget expansion.”
President Bola Tinubu announced the termination of the fuel subsidy program, citing a savings of N1.45 trillion between June and November of last year.
Oyerinde also emphasized the importance of a stable regulatory environment for businesses, as it helps them navigate complex taxation and regulatory issues while also assessing the effectiveness of regulatory agencies.
Furthermore, he maintained that the macroeconomy must be regulated to ensure households and individuals have sufficient income to sustain spending, as inflation can limit purchasing power.