The Centre for the Promotion of Private Enterprise (CPPE) has said that the proposed plan to remove petroleum subsidy would improve Nigerian government’s revenue by at least N6 trillion annually.
Muda Yusuf, director of CPPE, disclosed this on Sunday in a statement titled “Tweaking the 2023 Finance Bill and Options for Unlocking revenues in 2023”.
Mr Yusuf noted that the Nigerian economy is heavily burdened and encumbered by two major subsidy regimes: the fuel subsidy regime and the foreign exchange subsidy regime. The CPPE boss added that huge sums of revenue put at a minimum of N6 trillion annually can be realised from these subsidy programmes if appropriate reforms are implemented.
“There is a plan to discontinue petroleum subsidy, which is a positive development. This action would unlock a minimum of N6 trillion in revenue into the federation account annually. Additionally, there would be an end to the several years of plundering of the nation’s resources…
