₦airaland Forum

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has given a nod to the proposed oil subsidy removal, stating that government would save N700 billion yearly from the intervention.

Acting Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, at a Roundtable on Subsidy Removal Debate Organised by Shehu Musa Yar’Adua Centre in Abuja yesterday, stated that the proposal to remove fuel subsidy was consistent with the recommendations contained in NEITI’s independent audit reports conducted in the last six years.

Orji said: “Removal of subsidy will free over N700 billion annually which can be channeled to provision of infrastructure like roads, education, health service, power, security, creation of jobs and basic benefits for the poor in the society.

Read Full Story Here: http://www.09ja.com/2015/12/18/see-how-much-federal-government-would-save-yearly-on-subsidy-removal/

[url]09japost.com[/url]

700 billion...


A mere 3.5 billion naira?


Mtcheew.. Thats diezani's shopping money..

Abeg.. Dont help Nigeria save money oo..

Fi le be

julixomo:
The Nigeria Extractive Industries Transparency Initiative (NEITI) has given a nod to the proposed oil subsidy removal, stating that government would save N700 billion yearly from the intervention.

Acting Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, at a Roundtable on Subsidy Removal Debate Organised by Shehu Musa Yar’Adua Centre in Abuja yesterday, stated that the proposal to remove fuel subsidy was consistent with the recommendations contained in NEITI’s independent audit reports conducted in the last six years.

Orji said: “Removal of subsidy will free over N700 billion annually which can be channeled to provision of infrastructure like roads, education, health service, power, security, creation of jobs and basic benefits for the poor in the society.

Read Full Story Here: http://www.09ja.com/2015/12/18/see-how-much-federal-government-would-save-yearly-on-subsidy-removal/

[url]09japost.com[/url]

Did they factor in how the increase in cost of goods and subsequent hike in inflation that often follows the removal of subsidy, would wipe out whatever savings they would have made from removal of such subsidy??