Dr. Muda Yusuf, the chief executive officer of the Center for the Promotion of Private Enterprise (CPPE), listed the advantages of eliminating the gasoline subsidy for the country over the weekend.
Over N7 trillion will be made available in the federation account after the withdrawal. This would lower the budget deficit and, in turn, lessen the strain of the growing debt. Investments in pipelines, storage facilities, transportation, and retail establishments would also become possible under a post-subsidy environment.
Increased investment will result in an increase of jobs in the petroleum downstream industry. “Market pricing of refined goods will put a stop to the smuggling of petroleum products across borders,” Yusuf stated.
The economist cautioned, however, that the government should implement countermeasures to lessen the impact of subsidy elimination on Dr. Muda Yusuf, the chief executive officer of the Center for the Promotion of Private Enterprise (CPPE), listed the advantages of eliminating the gasoline subsidy for the country over the weekend.