Fuel subsidy removal: Reps back IMF recommendation
By Joel ThankGod (Abuja)
The House of Representatives Committee on Petroleum Downstream has called on the Federal Government to look at the recommendation by International Monetary Fund, IMF, on removal of fuel subsidy, so that the money could be used for developmental projects in the country.
The Chairman of the Committee, Joseph Akinlaja, made this known in a chat with news men, yesterday, in Abuja.
According to him, the government should view the recommendation of IMF on fuel subsidy removal as a step in the right direction to enhance the growth of downstream sector and the economy at large.
It could be recalled that the IMF has recommended fuel subsidy removal for the Federal Government of Nigeria, stressing that it would positively improve the slow economic growth rate in the country.
The Managing Director of IMF, Christine Lagarde, who made this recommendation during a press conference, at the just concluded joint Annual Spring Meetings with World Bank in Washington DC, United States, only two weeks ago, advised the government to channel the money for subsidy to infrastructure development, in order to reposition the economy for greater productivity.
She explained that the money for fuel subsidy could be removed and such funds be used to develop education, health and other sectors of the economy for increased growth.