Confab delegates set three year moratorium for fuel subsidy removal
This is a compromise position of the delegates who disagreed sharply on whether or not to abolish fuel subsidy regime in the country.
The conference committee on Public Finance and Revenue had recommended total removal of fuel subsidy due to the massive corruption associated with it.
While some delegates agreed with the recommendation others opposed it and urged the conference to reject it.
Yesterday Deputy Chairman of the conference, Chief Bolaji Akinyemi read out a compromise motion on the issue which he subjected to a voice vote. The motion was presented by Labour delegate, Chief Dan Nwanyanwu and seconded by Dr. Joe Nwogu.
In the end delegates agreed on a three year moratorium to remove fuel subsidy on the condition that the Federal Government should fix old refineries and establish new ones before implementing withdrawal of fuel subsidy.
Delegates noted that the establishment of refineries would mitigate the negative effects of withdrawal of subsidy on fuel.