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Dr. Tunji Ogunyemi, an economist with the Obafemi Awolowo University (OAU), Ile-Ife, Osun State, supports the federal government's proposal to completely eliminate fuel subsidies.
In an interview with Rave FM, Osogbo on Friday, Ogunyemi claimed that the elimination of fuel subsidies was unavoidable.
If the subsidy system for Premium Motor Spirit(PMS) were to continue, he claimed, Nigeria would go bankrupt.
The economic expert stated that "no development in any part of the world has ever been anchored, achieved, or made possible without pain." He also acknowledged that eliminating the PMS subsidy will cause more hardship for the citizens.
"We cannot continue to support this subsidy, and that is a grave reality in this situation.
The establishment of a foundation for societal trust is the only thing required of the government.
"A trust that the people can understand and relate to, so long as the money saved from the removal of subsidies is actually invested in wealth creation and not to be spent on wasteful political expenditures."
He recommended that the federal government stop providing the subsidy and instead allocate funding to a particular region of development.
According to Ogunyemi, the country's high debt level necessitates the instant elimination of the gasoline subsidy.
