Fuel subsidy a scam – Nwuche

 Proposes 5-month phase-out timeline

By Emeka Nze

Despite the National Conference’s position to steer a middle course on the proposal for a total removal of fuel subsidy for a period of three years, former deputy speaker of the House of Representatives and a delegate, Honourable Chibudom Nwuche, has said that it has been clearly proven that the subsisting oil subsidy regime by the federal government is a scam and proposed it should be phased out by December 2014.
Nwuche who stated this in an interview noted that though subsidy was well intentioned its impact on the poor was questionable and dubious advocating that government should be mindful of the impact on the poor even though that impact is questionable and dubious.

“This is because it is a known fact that the poor for whom it is meant are not getting it. But we should ensure we give adequate time for people to be aware of the benefits that will accrue from the savings that will be derived by directing the subsidy allocations to other sectors.”
According to him, the subsidy regime should be phased out by December 2014. “Five months is not bad. The time from now till then should be used for education and enlightenment and to also craft alternative reliefs for the poor.”
Nwuche further stated that “subsidy tends to favour only a very few. There should some order of ensuring that the funds from subsidy get to the masses.
“We must not be importing refined products when we produce the crude here. I am proposing we find some more targeted and more transparent avenues of deploying some subsidy, not from petroleum products as such but from other areas to cushion the impact of difficulties that people currently face and to support those who are underprivileged.”