Stephen Oko, Umuahia
Third Republic Senator and former Chairman of the Peoples Democratic Party, PDP, in Abia State, Senator Emma Nwaka, has said that fuel subsidy was a “pivot for grand thievery,” and hailed President Bola Ahmed Tinubu for removing it.
According to him, only the rich is getting richer with fuel subsidy, hence, the need to courageously stop it.
Senator Nwaka who spoke in Umuahia argued that although subsidy removal could come with initial hardship, in the end the Nigerian economy would be better for it.
Nwaka urged members of the public to see beyond the initial discomforts of the policy and embrace its long term benefits.
“I think that fuel subsidy should go as it has become a pivot for grand thievery.
“The removal no doubt will come with unsavoury consequences in the short term but I believe with time, depending on how the savings from the move is utilised, we all shall be happy for it.
“If they re-loot it, too bad but if it addresses the social needs of the man in the street, all well and good.
“For now, fuel subsidy is a kind of arbitrage which the high and mighty who are already stupendously rich corner for themselves.”
Nwaka said that the high cost of petrol is traceable to high landing and distribution cost of petrol.
He, however, expressed optimism that the cost of fuel would ultimately come down when the newly-inaugurated Dangote Refinery in Lagos commences operation.
