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From Ighomuaye Lucky, Benin
A Benin-based economist, Mr Collins Odiase, has lauded the federal government’s removal of fuel subsidy, saying it is the best policy ever made.
This was contained in a press statement personally signed by him and made available to newsmen in Benin City.
Odiase however urged the government to consider the upward review of workers’ wages to cushion the effect of fuel subsidy removal and aid citizens purchasing power.
He said he has been one of the proponents of subsidy removal from fuel because according to him, it’s not sustainable, and the overreaching effect can cripple the economy.
“available data shows that over 80% of Petrol is consumed by government officials and the presumed rich people, and less than 20% is consumed by middle and low-income earners.
“This clearly shows that the continuous payment of fuel subsidy is not sustainable, and the overreaching effect can cripple the economy that solely depends on petroleum for her foreign exchange earnings.
“As an economist, I believe the removal of subsidy will open the space for competition, thereby allowing market forces to determine the price of the product.
“The era of government fixing pump price will be eliminated completely,” Odiase said.
