The Nigeria Extractive Industries Transparency Initiative (NEITI) has given a nod to the proposed oil subsidy removal, stating that government would save N700 billion yearly from the intervention.
Acting Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, at a Roundtable on Subsidy Removal Debate Organised by Shehu Musa Yar’Adua Centre in Abuja yesterday, stated that the proposal to remove fuel subsidy was consistent with the recommendations contained in NEITI’s independent audit reports conducted in the last six years.
Orji said: “Removal of subsidy will free over N700 billion annually which can be channelled to provision of infrastructure like roads, education, health service, power, security, creation of jobs and basic benefits for the poor in the society.
“In removing the subsidy, it is the position of NEITI that the government considers progressive measures to put the welfare of the ordinary citizens at the centre of the implementation, by creation of palliative programmes to reduce the pain temporarily that may be experienced by the poor and vulnerable in the short term.
“It is also part of NEITI‘ s recommendations that the government should take steps to either make the refineries work, privatise them or create the enabling environment for private refineries to thrive.” The NEITI boss underlined the need to ensure that the implementation of the proposal is gradual, slow but steady.
According to him, Nigeria spent over N4 trillion on subsidy between 2006 and 2012. “From NEITI’s independent audit report, over N4 trillion has been paid as subsidy to marketers from 2006-2012. The breakdown of the subsidy shows that N219.7 billion was paid as subsidy in 2006. This rose to N236.64 billion in 2007 and N360.1 billion in 2008.

Source: http://amebohub.com/2015/12/18/fg-to-save-n700bn-yearly-on-subsidy-removal/

Cc Lalasticlala mynd44 Seun ishilove

If only the money would be used specially for the creation of jobs for the unemployed. I don't mean the SURE-P scam that Obanikoro and Bode George used as ATM in Lagos oo.

If not, NLC make we no gree ooo!