28th May, 2023
By Cecilia Ijuo
Dr Akinwumi Adesina, President of the African Development Bank (AfDB), says fuel subsidy is killing Nigeria’s economy.
He said that subsidy cost Nigeria 10 billion dollars in 2022 alone.
Adesina, who said this at a lecture in Abuja, disclosed that Nigeria’s fuel subsidies benefit the rich not the poor, fueling their government’s endless fleets of cars at the expense of the poor.
“Estimates show that the poorest 40 per cent of the population consume just three per cent of petrol,” he informed.
According to him, support should be given to the private sector and modular refineries to allow for efficiency and competitiveness to drive down fuel pump prices.
“The newly commissioned Dangote Refinery by President Buhari, the largest single-train petroleum refinery in the world, and its Petrochemical Complex will revolutionise Nigeria’s economy.
“Congratulations to Aliko Dangote for his amazing 19 billion dollar investment,” he said.
Adesina also said there was an urgent need to look at the cost of governance.
“The cost of governance in Nigeria is way too high and should be drastically reduced to free up more resources for development.
“Nigeria is spending very little on development.
“Today, Nigeria is ranked among countries with the lowest human development index in the world.
“This is with a rank of 167 among 174 countries globally, according to the World Bank 2022 Public Expenditure Review report,” Adesina said.