Why I Am Against Fuel Subsidy Removal – Moahz Oil Boss

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A leading member of the Nigeria LPG innovation for sustainable energy and the founder of Moahz Group of companies, Eng. Ola Abdulqadir, has stated that the raging issue over governments plan to remove fuel subsidy is a fragile decision that would have a far-reaching negative effect on the masses, if not well managed and strategically deployed to avoid panic and diffuse all agitations from the stakeholders that would be adversely affected.

He disclosed this in a statement on Monday in Abuja.

 

Abdulqadir, who is also a philanthropist, urged the President Muhammadu Buhari -led administration not to increase the hardship index of the country with its planned removal of fuel subsidy, adding that an increase in fuel prices would translate directly to increased cost of survival for Nigerians.

He noted that everybody will feel it, particularly the less privileged and that the negative effects will surely outweigh whatever intention or motive the removal would serve.

He added that the cost of transportation across the country will skyrocket, cost of food and other things connected therewith would be hiked, hence a spiral effect on living standard of the populace; the suffering will be multi-dimensional, which may eventually result into revolts and protest across the states.

The statement reads in part: “The governments’ involvement in a major economic determinant like petroleum is pivotal to how well the country and economy functions.

“This issue of petroleum subsidy removal, I believe should be strategically deployed to avoid panic and diffuse all agitations from the stakeholders that are acutely affected.

“Yes, there have been initiatives and interventions to defray the impending shock of subsidy removal, but are these solutions being deployed on their merits?

“The CBN gas intervention fund has been touted by the handlers since its roll-out… the potential for this program is yet unmet, as there are still no commercially viable alternatives to allow the market forces achieve proper equilibrium when petrol subsidy is totally removed.

“All of that shock is transferred directly to the masses, hence the resultant agitation and panic.

“In my opinion, government should not in right judgement increase the hardship index of the country as an increase in fuel prices translates directly to increased cost of survival in Nigeria.”

Abdulqadir also promised better services to the Group’s clientele this new year, acknowledging that their support in 2021 was responsible for its success.

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