‘Subsidy should be removed’

A financial expert, Chief Adegboyega Adegoke, has urged President Muhammadu Buhari to remove subsidy on petrol because it is a waste of resources.

Adegoke said removing subsidy on petrol is necessary because the existing subsidy is a waste and not in the people’s interest.

The Executive Director, Finance and Chief Financial Officer of OES Energy Services addressed reporters in Ibadan.

Adegoke maintained that the billions the Federal Government spends annually on fuel subsidy has no positive impact on the poor because it is meant to enrich the few rich.

He said the government should be sincere in removing the subsidy and use the money to develop mass transportation, agriculture, build schools and hospitals that will be accessible to the masses as this was the only way the people can benefit from the removal of fuel subsidy.

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“I don’t support subsidy; the basic thing the Federal Government can do is to remove subsidy because it is a waste. Subsidy is a waste. You said you are helping the poor, which poor are you helping, how many poor are you helping, how many poor owns a car?

“The poor that you are talking about enter public transportation, what the Federal Government can do is to remove subsidy and invest the money in mass transportation, mass transit. And when I say mass transportation, I do not mean buying buses but building mono rail.

“So, that subsidy is enough to build mono rail. Mass transit, don’t buy buses to increase the number of buses on the roads that are already congested, build mono rail. So, if they remove subsidy and the government is sincere with it and use it to build mass transit, have a target instead of some people to pocket the money, billions of naira. You build the mono rail and get the private sector to buy the coaches…”