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Home Business News Politics

Rewane Supports Fuel Subsidy Removal And Currency Devaluation

Editor by Editor
June 30, 2015
in Politics
Recession

Bismark Rewane, CEO of Financial Derivatives

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  • 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

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