The association’s president, Prof. Wumi Iledare, said that the benefits of the subsidy are more in favour of the elite, who pay less for their luxurious consumption, than the poor that it ought to favour.
He complained that: “You are losing capacity. You have been giving the elite the opportunity to drive their cars without paying for it.” Continuing, he said that “There is an urgent need for Nigeria to focus on balancing its budget not on the back of energy production and pricing but on expanding and diversifying its budget process from the interaction of oil and gas production and petroleum pricing, the latter being highly stochastic.
According to him, the infrastructure for attaining the phase out of gas flare in 2020 are not in place and cannot be in place overnight.Projecting solution to the nation’s energy challenges, Iledare said it would “begin with a coherent energy policy that is forceful, flexible and effective.” According to him, the third of three targets of SDG 7 is to double the global rate of energy efficiency improvement by 2030.”
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