- Renowned economist and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has supported calls for the removal of controversial fuel subsidy in Nigeria, describing it as a criminal enterprise that has crippled the nation’s economy.
- Delivering the post yearly general meeting of International Chamber of Commerce Nigeria (ICCN) with the topic: “ Nigeria Economic and Business outlook in Lagos, said a lot of money has been wasted in the enterprise without proportional effect on majority of Nigerians.
According to him, the ‘removal of the subsidy is key towards the nation’s economic recovery and greatness’.
- In calling for the subsidy removal, he noted that organized labour should be consulted with a view to providing palliatives to its immediate impact on workers.
- He noted that the nation’s currency is not properly valued in accordance with its prevailing productivity value, since Nigeria’s productivity value is now between 2.5 and 3 dollars per hour far, which is below productivity values of most developing countries of the world.
- Rewane further called for tackling of corruption, diversification of the nation’s economy, plugging leakages in government, adoption of an efficient exchange rate mechanism, rehabilitation of pipelines and depots, as well as simple tax system in order to put the nation’s economy on the path of recovery.
- Source: The Guardian
Rewane Supports Fuel Subsidy Removal And Currency Devaluation
