TheCable

The Centre for Policy Advocacy and Transparency (CPAT) says the gains of the removal of the petrol subsidy by President Bola Tinubu are already manifesting despite the hardship that comes with it.

The centre, in its Independence Day message to Nigerians, said President Tinubu is already keeping his promise to revive the economy.

CPAT also applauded Tinubu and the Nigerian National Petroleum Corporation (NNPC) Limited for the steady rise in the nation’s revenue.

In the statement signed by Nkechi Odoma, its executive director, the centre commended Mele Kyari, group chief executive officer (GCEO) of the NNPC, for paying an interim dividend of “N14.657 billion (13 percent of savings)” to the relevant states as derivation revenue.

Odoma said the payment was a result of foreign exchange gains with sharing to the federal, state, and local governments surging to N1.1 trillion in September.

Odoma said the feat was made possible due to the removal of the petrol subsidy. 

“N1.1 trillion in September alone. Staggering! This confirms that the nation is on the right track,” Odoma said. 

“President Tinubu pledged to address business unfriendly fiscal and monetary policies, especially the multiplicity of taxes.

“His preference for a market-driven economy is well known, particularly the growing quest to maximise revenue growth for developmental purposes.

“In his quest to remodel the economy to bring about growth and development through job creation, food security and an end to extreme poverty, he has charted a course of action targeted at achieving a higher GDP growth, which would in turn enhance significant reduction in unemployment.

“He is achieving this by budgetary reform to stimulate the economy without engendering inflation, and industrial policy to utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

“His monetary policy has already benefitted the ordinary Nigerian. The Committee on Tax Reforms will improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

“But perhaps the most obvious game changer is the removal of fuel subsidy. While the President’s decision to end the regime has come with hardship, the gains are already visible.”

Odoma said the country might not be where “we want it to be but we must continue to support Tinubu and Kyari”.