A Review of the Nigerian Energy Industry

Subsidy removal ill-timed, painful, says Lagos lawmakers, APBN

02 January 2012, Sweetcrude, LAGOS – Lagos lawmakers and the Association of Professional Bodies of Nigeria (APBN), on Monday reacted to the removal of petrol subsidy by the Federal Government, describing it as ill-timed and a painful pill.

While the lawmakers described it as unsuitable for now, the APBN called for the diversification of the country’s economy to cushion the hardship the subsidy removal would cause Nigerians.

Mr Segun Olulade, the Chairman, Lagos State House of Assembly Committee on Information said the removal should be differed in view of the security challenges facing the country.

“The fuel subsidy removal is not suitable at this critical period when Nigeria is facing serious security challenges.

“Some Nigerians are still nursing the wounds of bombings in some parts of the country; the President should take it easy with Nigerians, particularly at this celebration period.

Olulade said the old price regime should still hold sway since, according to him, the National Assembly has yet to ratify it.

” Before embarking on the removal of the subsidy, necessary things should have been put in place,’’ the assemblyman added.

Another lawmaker, Mr Bolaji Yusuf (Mushin I) advised the government to address security challenges across the country.

“Removing the subsidy without finding solutions to threats to lives and property may not work,’’ he told NAN.

The President of APBN, Mr Segun Ajanlekoko, said the government should be proactive by putting in place measures that would alleviate the sufferings of the ordinary people.

He said the removal of subsidy on petrol might cause inflation and increase cost of production and unemployment.

“The Nigerian economy should be diversified. Agriculture should be promoted in all schools, colleges and universities, especially the faculties of agriculture.

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