Don’t Accept World Bank Advise on Fuel Subsidy Removal, CNPP Tells Buhari

The Conference of Nigerian Political Parties (CNPP) has asked President Muhammadu Buhari not to succumb to pressures from those seeking to stampede it into hasty action on the issue of fuel subsidy removal as this may spell doom for the young administration.

In a statement issued by the National Publicity Secretary CNPP, Mr. Osita Okechukwu, the group advised the All Progressives Congress (APC)- led federal government to try and invest heavily in critical infrastructure and set up of refineries as a means to halt the huge cost incurred in importation of refined petroleum product.

“President Buhari should distance himself from those who want him to abandon the people, by investing heavily in critical infrastructure, building medium and modular refineries, in order to halt the huge cost of importation of refined petroleum products gross unemployment and create millions of employment. Nations borrow to revamp their economy.

The group specifically urged President Buhari to consider very seriously any economic advice coming from the World Bank, stating that most of the measures advanced by the apex banking institution has not served the country’s needs.

“30 years ago, the World Bank and its affiliate, International Monetary Fund (IMF) dished out conditionalities aimed at revamping the Nigerian economy, among which is removal of subsidy on fuel and fertilizer, privatisation of state owned enterprises and devaluation of the naira.

“There is no short cut or short term in cushioning the welfare of the people. The private sector billions of investment in cement has not reduced the cost of cement nor induced more houses in Nigeria. The war against corruption of Mr. President has shown that Nigerians are good followers; if the leader is prudent we become prudent. The N350 billion recovered looted fund should be used to build medium and modular refineries.

“Accordingly, it’s the considered view of Conference of Nigerian Political Parties (CNPP) that the only solution left for President Buhari’s government is large scale intervention in critical infrastructure. It’s only public spending in public works which will halt downward spiral economic conditions and gross unemployment as evidenced by his building Warri and Kaduna refineries when he was Minister of Petroleum and his public works in the Petroleum Trust Fund (PTF),” it said

(culled from thisday live)