Folorunsho Oginni , the Chairman, Lagos Chapter of the Independent Petroleum Marketers Association, on Wednesday advised the Federal Government to ignore the recent advice of the International Monetary Fund to remove petrol subsidy.
Oginni told the News Agency of Nigeria in Lagos that the advice would impoverish the country further like it did in the 1980’s.
The world body had on May 10 called on Federal Government to remove petrol subsidy to help in its fiscal adjustments.
IMF said that the removal of fuel subsidy would also help to mobilise her non-oil revenues, strengthen her oil price as well as act as an oil saving mechanism.
“We acted on the advice in 1987 and took IMF loan, see where we are today,” Oginni said.
Oginni said that many countries that heeded IMF advice in the past had seen their economies deteriorating.
He urged the government to manage the subsidy fund judiciously instead of increasing the pump price of petroleum.
He said that the Farouk Lawan-led Committee on subsidy fund had revealed that big-time politicians were siphoning the funds for their use.
“Most of these politicians used their sons as the managing directors and up till now their cases are still lingering in law courts.” he said.
Oginni expressed regret that the masses had not felt any positive effects of the last increase in the pump price of petrol.
“Our roads are bad, the masses cannot afford three square meals and our education system is in a mess,” he said.
Oginni also advised the government to privatise the four refineries for proper maintenance so that the issue of importation of petroleum products would be eliminated.
He said that the association had made its decision known to government that there should no more issue on subsidy removal.
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