National Coordinator, Social Integrity Network, SINET Mallam Ibrahim Isah, has urged the Federal Government to consider the removal of fuel subsidy as a necessary measure to help the nation out of its present economic woes to avoid high rate of revenue losses.
According to him “subsidy is a serious leakage and threat to our economic growth and development.”
In a statement signed yesterday and made available to media in Abuja, he also urged President Muhammadu Buhari to support the Federal House of Representative bid to take tackle challenges of corrupt practices and misappropriation of fund by the Petroleum Products Pricing and Regulatory Agency, (PPPRA) in line with the mandate of the current administration.
According to him, “It is saddening that the Executive Secretary of the agency, was alleged to have failed to remit revenue generated from 2014 to 2019. He cited the House of Representatives’ Committee on Finance led by Hon. James Faleke’s indictment of the agency’s official, following his refusal to honour the lawmakers’ invitations on two different occasions.”
“If the Federal Government can consider removal of subsidy on fuel along with the ongoing border closure policy, crashing of high rate of Treasury bill without taxation and increase of Value Added Tax, (VAT) to 7.5 percent, it will serve as strong economic tools for the overhauling of the nation’s economic which will further boost the execution of infrastructural facilities, support in the payment of minimum wage of workers and funding of health sector among other positive impacts in the society.
“The House Committee on Finance had threatened early last month to effect the removal of the General Manager of Finance at the Petroleum Product Pricing Regulatory Agency, PPPRA, over alleged diversion of over N13billion of funds generated from the operations of the agency in 2014.
“This is a clear indication that there is high rate of corrupt practices, conspiracy and maladministration in the land which is having adverse effects on the nation’s economy, wellbeing of the masses as well as denting the image of the country in the international realm.”