The Executive Director and Chief Financial Officer, Oando Plc, Femi Adeyemi has revealed that the Federal Government of Nigeria spent approximately 9 trillion Naira on oil subsidy in the last 10 years.
He described this as needless and therefore advise the Government to drop oil subsidy so as to enhance infrastructural development and economic growth. He stressed that the amount the Federal Government spent on oil subsidy on an annual basis was more than the last annual budget of Lagos State estimated at N662bn.
Seventy per cent of the benefits of oil subsidy, according to him, accrues to only a few Nigerians.
“We are not looking at kerosene subsidy that actually impacts the poor. The price of kerosene has increased by about 300 per cent in the last 18 months,” he added.