Invest subsidy savings on healthcare, education, Rewane tells FG

An economic expert, Bismarck Rewane, has advised the Federal Government to invest revenue gained from removal of petrol subsidy on healthcare, education and other critical sectors of the economy.
Rewane, chief executive officer, Financial Derivatives Company Limited, gave the advice while speaking with newsmen in Lagos, yesterday.
He said stopping subsidy on petrol was in the interest of the nation, adding that it was not sustainable for the country to continue to subsidise consumption.
“The question is what do you do with the increase in revenue that the government is getting as oil prices increases, and how do you utilised those proceeds.
“Deregulation is already a given, whether we like it or not, but how to make government spend the money judiciously is a different dimension all together.
“No matter how the revenue increases, so long as it is not spent on education, health and other things that have a direct impact and reduces the cost of living, we are going no where,” he said.
He said people want investment in social infrastructure that would make life easier for them, especially in healthcare, education and transportation.
Rewane urged Nigerians to hold government accountable for revenues accruing to it, and demand they are properly utilised for developmental programmes.