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| Acting Chairman, RMAFC, Mr. Umar Abba Gana |
The Revenue Mobilisation Allocation and Fiscal
Commission have backed the reintroduction of subsidy on petroleum products by
the Federal Government through the Nigerian National Petroleum Corporation.
The Acting Chairman, RMAFC, Mr. Umar Gana, said
given that the nation was just recovering from recession, the best option was
to pay subsidy on petroleum products rather than increase the pump prices.
Gana said increasing the pump price of petrol at
a delicate time that the nation was recovering from recession could reverse the
gains that the economy had made, adding that the best option was for the
Federal Government to bear subsidy on the product.
He stated, “The commission’s position will always
be a realistic one. The cost of delivery of fuel at the pump has risen because
of factors of production. We may have no choice to keep the price as it is now
than to subsidise.
“Subsidies like this come when it is necessary to
provide the service to people at a particular time. The issue now is that we
are just coming out of recession. It will probably be a wrong decision to
increase the price of fuel. It will negate the recovery from recession.”
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