There have been a lot of noise in recent times about whether subsidy should stay or be removed.
This arguments are coming on the heels of the recent $800 million loan that Nigeria took delivery of from the World Bank ahead of the coming subsidy removal.
Lending his voice to the discourse and giving his 2 cents to the government, a former Deputy Governor of the Central Bank of Nigeria, (CBN), Kingsley Moghalu, has this to say.
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“A vast majority of the people do not trust those in government to do right with the $800 million loan received from the world bank.
“There is serious lack of trust from the people to the government, seeing how the country’s finances have been misappropriated in times past.
Moghalu revealed this via his verified Twitter handle on Wednesday.
Why Nigerians Are Opposed To Subsidy Removal
According to him “Nigerians are opposed to subsidy removal because they fear it would be stolen by corrupt government officials”.
However, Moghalu said the government should have a clear plan on how savings from subsidy removal would be used for the benefit of citizens and the economy.
He said: “A vast majority of Nigerians are opposed to subsidy removal, despite the overwhelming economic arguments against it.
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“The key to solving this problem is a transparent demonstration that savings from removing the subsidy will not be stolen by corrupt government officials.
“A clear plan for how these savings will be used for the benefit of citizens and the economy, and a plan to address subsidy removal’s inflationary impact.
“People really believe they are entitled to “cheap” petrol but the subsidy cabals, some of who exist in places that will surprise you, are feeding off the citizens.”
