The Independent Petroleum Marketers Association has said petrol subsidy removal would enable the Federal Government to save money.

The National Operations Controller of the association, Mike Osatuyi, said this while speaking on the aftermath of fuel subsidy removal on TVC in Lagos recently.

According to him, the excess revenue made as a result of the unified foreign exchange was now in the federal account.

“Subsidy removal will attract more money for the government.

“The foreign exchange rates have been unified and the subsidy payment that was usually paid on a monthly basis now goes to the government purse, “he said.

He urged Nigerians to hold the government accountable for the proceeds from subsidy removal and foreign exchange rate.

Osatuyi said with over N2tn shared by the three tiers of government, “It is time Nigerians begin to demand more accountability from government, both at the state and local government levels”.

“Nigerians should hold the government accountable for the money received from FAAC,” he said.

He added that the N2tn shared was higher than previous money being shared to the tiers of government, adding that the government ought to do more for its citizens.

He noted that the money that would have been frittered away in a month via fuel subsidy would now go into the coffers of the government to improve the living conditions of the people.

“What this means is that there will now be more money available for the government to embark on infrastructure development.

“The government at all levels will become more solvent, be in a stronger financial position to easily pay the new minimum wage and fund development in critical sectors, especially in education, healthcare and public transportation.

“Going forward, Nigerians should begin to focus attention on their states and local governments to demand more accountability and transparency in the use of public funds,” he said.

According to him, the highest amount the three tiers of government had shared N800b and not as high as N2tn.

“In another two to four months, when all loopholes have been blocked, sharing formula can go as high as N3tn and above. The problem is that would the government use the money well to cushion the effect of suffering?

“If states use the money on infrastructure for the development of Nigerians and we are paying more on petrol, it will be better. I hope and pray that government uses the money judiciously and transparently to the development of Nigeria and Nigerians,” he said.

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