IPAC Supports Withdrawal Of Fuel Subsidy


The Inter Party Advisory Council of Nigeria has declared support for the Federal Government’s withdrawal of fuel subsidy in the effort to reposition the down-stream sector and revamp the economy.

A statement by the National Publicity Secretary of the Council, Chief Ogbuehi Dike advised the Nigeria Labour Congress and Trade Union Congress to shelve the planned nationwide strike and embrace dialogue.

IPAC called on the Federal Government to look and move beyond the withdrawal of subsidy and fully deregulate the down-stream sector of the oil and gas industry.

It said that subsidy policy had always been unsustainable and has only been able to enrich a few people at the expense of the greater ordinary Nigerians.

IPAC regrets the spillover effects of policy may have on cost of transportation, commerce and goods and urged the government to invest money saved from the subsidy removal to diversify the economy.

The statement also advised the Federal Government to put the billions of naira saved from the removal of fuel subsidy into diversifying the economy particularly agricultural sector.

“That will ensure national food sufficiency, create wealth and employment to millions of unemployed youths.

“Part of the savings should also be used to offer immediate palliatives to the general public that will cushion the effect of possible rise in the cost of road transport.

“The need to create an efficient public transport system to include a healthy mix of road, water and rail mass transit cannot be overemphasized.” It said.

The council called on the Federal Government to accelerate the completion of the on-going railway project because it doesn’t make sense to move over 180 million people by road alone.

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