• Latest
  • Trending
  • All
Why Nigeria should end fuel subsidy – Akabueze

Why Nigeria should end fuel subsidy – Akabueze

Drama As Traditionalists Barred From Awujale’s Burial In Ijebu-Ode

Drama As Traditionalists Barred From Awujale’s Burial In Ijebu-Ode

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”

Awujale of Ijebuland is Dead

Awujale of Ijebuland is Dead

Tinubu orders Shettima, Gbaja to Accompany Buhari’s Body back to Nigeria

Tinubu orders Shettima, Gbaja to Accompany Buhari’s Body back to Nigeria

Former President Buhari hospitalised in London

BREAKING: Former President Buhari is dead

‘From Umbrella to Broom’- Davido releases New Song as Governor Adeleke ‘Announce’ Defection to APC

‘From Umbrella to Broom’- Davido releases New Song as Governor Adeleke ‘Announce’ Defection to APC

After $3b repairs, NNPC Considers Selling Nigeria’s 445,000 bpd Refineries

NASS clears JAMB of alleged Misappropriation

JAMB accusses Chinedu Okeke, Top Scorer of 2025 UTME of ‘Foul Play’

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST

Why NNPC Refineries May Never Work Again – Dangote

Why NNPC Refineries May Never Work Again – Dangote

FG reacts as Trump mounts pressure on Nigeria to accept Venezuelan deportees from US

FG reacts as Trump mounts pressure on Nigeria to accept Venezuelan deportees from US

‘were you educated?’: Trump shocked as Liberian President speaks fluent English (Video)

‘were you educated?’: Trump shocked as Liberian President speaks fluent English (Video)

  • About Us
  • Advertise with Us
  • Editorial Policy
Monday, July 14, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus

Why Nigeria should end fuel subsidy – Akabueze

by Usama OLAGUNJU
September 8, 2022
A A
Why Nigeria should end fuel subsidy – Akabueze
FacebookTwitterWhatsapp

The Director General of the Budget Office of Nigeria, Ben Akabueze, says the trillions of naira spent on fuel subsidy can be deployed to other creative sectors, particularly education.

Speaking on Arise TV’s Global Business Report, Akabueze said the funds could be used to end the Academic Staff Union of Universities strike and increase the pay of government staff.

“The truth is that public servants need to be paid far better than they are now. It’s like the ongoing issue regarding ASUU and the pay for lecturers.

RelatedPosts

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

JUST IN: Lagos Assembly Speaker, Mojisola Meranda faces mounting pressure to step down

Wike backs Tinubu despite economic woes as G-5 Governors meet Makinde

I haven’t come across anyone in government who thinks that lecturers are adequately paid or who thinks lecturers should not be paid significantly more. The crux of the ASUU matter is the ability to pay.

It is why this matter has dragged on because the government has refused to commit to a number that it does not have the ability to pay,” he said.

The Federal Government will likely spend N6.7tn on petrol subsidies in 2023 if it plans to pay for the whole year. The cost may reduce to N3.36tn if the subsidies if it remains up to mid-2023, according to the Finance Minister, Zainab Ahmed.

Akabueze noted that fuel subsidies often had a huge impact on the economy and the lives of the people, stressing that “when you eliminate fuel subsidies or cut back on it, there will be an immediate impact on people.”

He blamed the absence of investments in the midstream sector of Nigeria’s oil & gas industry on the existence of petrol subsidies, noting that where price was not market-driven, investors would be reluctant to commit.

On the matter of the suspension of the telecommunications tax, Akabueze said, “I don’t know about this suspension because this (tax) is now law.

Beyond what I have read in the media, we haven’t been advised on the suspension.”On the issue of whether Nigeria had a revenue or debt problem, he noted that Nigeria’s debt was not really in a bad shape.

“When you look at all the other indices of debt sustainability, our debt looks okay. This is till you get to the matter of debt-service-to-revenue.

That’s where Nigeria looks really bad and where we are testing the limits of sustainability. What the Minister of Finance said is that we need to address this revenue problem quickly because if we do not, then we will be faced with a real debt crisis.”

On whether Nigeria could be forced to approach the International Monetary Fund for a bailout, Akabueze said he did not see Nigeria going to the IMF voluntarily.“

This is a hot potato issue here in Nigeria. But the honest truth is, if we don’t address our fiscal challenges, in a sensible and sustainable manner, we may end up unwillingly approaching the IMF,” he cautioned.

On the Central Bank of Nigeria’s Ways & Means financing of the Federal Government, which rose to N19.9tn in June 2022 and the Asset Management Corporation of Nigeria’s N5 trillion toxic assets, the DG said both were crucial debt issues that the government must make priorities.

Tags: iPad
Previous Post

Non-payment of charges responsible for vehicles abandonment

Next Post

2023: You’re playing with fire – PDP chieftain warns Atiku over Wike

Usama OLAGUNJU

Usama OLAGUNJU

Related Posts

Drama As Traditionalists Barred From Awujale’s Burial In Ijebu-Ode
Breaking News

Drama As Traditionalists Barred From Awujale’s Burial In Ijebu-Ode

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”
Breaking News

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”

Awujale of Ijebuland is Dead
Breaking News

Awujale of Ijebuland is Dead

Tinubu orders Shettima, Gbaja to Accompany Buhari’s Body back to Nigeria
Breaking News

Tinubu orders Shettima, Gbaja to Accompany Buhari’s Body back to Nigeria

Former President Buhari hospitalised in London
Breaking News

BREAKING: Former President Buhari is dead

‘From Umbrella to Broom’- Davido releases New Song as Governor Adeleke ‘Announce’ Defection to APC
Entertainment News

‘From Umbrella to Broom’- Davido releases New Song as Governor Adeleke ‘Announce’ Defection to APC

Business News

After $3b repairs, NNPC Considers Selling Nigeria’s 445,000 bpd Refineries

NASS clears JAMB of alleged Misappropriation
Breaking News

JAMB accusses Chinedu Okeke, Top Scorer of 2025 UTME of ‘Foul Play’

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST
Business News

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST

Why NNPC Refineries May Never Work Again – Dangote
Business News

Why NNPC Refineries May Never Work Again – Dangote

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In