BANKING & FINANCEOIL & GAS

Remove Fuel Subsidy Now, FSDH Tells FG

Non-Oil Export

There are more compelling reasons now than before for the Federal Government to remove the petroleum subsidy, and channel the money into some other social intervention programmes of the government that had direct impacts on the poor in view of the low government revenue.

The FSDH Merchant Bank stated this in its monthly economic and financial markets outlook titled, ‘Economy in need of boosters: Priorities for a second term.’

In its report, it said that it was cogent for the Federal Government to appoint members of the cabinet with their respective portfolios in the month of June.

This would enable it to start the implementation of the next level growth, and development agenda of the Federal Government of Nigeria, it added.

It stated, “We also recommend an adjustment to the electricity tariff in order to drive investments into this critical sector of the economy.

This will also accelerate the growth of small and medium scale businesses in the country that are handicapped because of epileptic power supply and the high cost of running on a generator and other more expensive sources of power.”

The FSDH said there must be deliberate efforts and strategies to improve the quality of education and health care delivery in Nigeria.

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