A former President of the Association of National Accountants of Nigeria (ANAN), Dr. Samuel Nzekwe, has commended the Federal Government over plans to stop petroleum subsidies by June.
Nzekwe, in an interview with the News Agency of Nigeria (NAN) in Sango-Ota, Ogun on Sunday, said that the decision was a welcome development, as it would curb sharp practices in the petroleum sector.
The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, had on Jan. 4, said that the federal government would end fuel subsidies by June.
Fuel subsidy gulped N2.565 trillion between January and August 2022.
The minister noted that fuel subsidies, in addition to the budget deficit, had been putting pressure on the nation’s economy.
According to Nzwkwe, the government needs to be proactive in addressing the subsidy problem and ensure that a strong regulatory framework is put in place to check the oil sector,” he said.
He appealed to the federal government to make concerted efforts toward repairing the nation’s four refineries so as to be able to produce at an optimal level.
The ex-ANAN president said that the repair of the refineries and the expected take-off of Dangote Refinery would put an end to the importation of petroleum products and improve the nation’s economy.
