The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the Federal Government for finally taking the bold step to remove subsidy on PMS (Petrol).
This is an attestation to the political will of this government to put an end to the incessant fuel scarcity being experienced in the country, while reducing the pressure on our Foreign Reserve as a result of huge demand for petrol import, said the umbrella chamber in a statement by its public relations department.
However, according to NACCIMA, “it is pertinent to note that deregulation with the influence of Government in pricing is not good for the economy. Therefore we counsel that Government should allow market forces to determine price instead of fixing a ceiling of N145 per litre. Accordingly, we counsel that the Department of Petroleum Resources (DPR) and the Petroleum Product Pricing Regulatory Agency (PPPRA) be restructured and merged into one regulatory body for better monitoring and efficient service provision.”
“We wish to reiterate the need for Government to ensure quick commencement of budget implementation to alleviate the negative impact of this policy on the purchasing power of the average Nigerians.
“In view of the expected reduced pressure on our Foreign Reserve which this policy will bring about, it is also important that the resultant benefit on our Foreign Exchange allocation be directed more towards the real sector to hasten the development of our economy.
“We counsel all Nigerians to support this policy, so as to block all the loopholes that have been hampering the rejuvenation of the Nigeria’s economy,” it said.