Fuel Subsidy’s Biggest Fraud, Says Saraki

Immediate past  governor of Kwara state,  Senator Bukola Saraki ,  at the weekend canvassed for the total deregulation of the nation’s downstream sector of the petroleum industry  in order to put an end to the illegal rackets that accompany fuel subsidy to stimulate  the economic growth of the country.

Saraki who stated this  in Ilorin while speaking with newsmen on the state of nation, said  if the government is able to do this, it would assist the government to get more funds that would be used to improve the social well being of the people.

According to him, “I see the subsidy as the biggest fraud in this country. That money can better be used to impact positively of the lives of majority of Nigerians.”

He said: at the moment  the country spend about $4billion  yearly on fuel subsidy and that means if shared among Nigerians everyone will have N4million per year”

Saraki added that “Fuel subsidy is supposed to be a palliative measure to help Nigerians, but at the moment, it has not served that purpose, most of the money ends in the pockets of few individuals and it will be worse this year as kerosene is being subsidized. It will be in the region of $6billion. It is almost the country’s capital expenditure for the year”

He stressed that “To move this country forward, we have to learn from the mistakes of the past. We should not allow the mistake of the past hold us back. We must have faith in  government.”

On Boko Haram activities in the county, the lawmaker said “ the Boko Haram menace poses a security threat to the country”, saying that “it is a great concern to all of us. One needs to see it as a problem for not only Mr. President or the executive governor, it is a problem for our country.”

He said, “We must apply all measures; we must be able to understand the reason why this is coming up. I believe dialogue must come along with whatever action is being  taken to curb the menace.”

He therefore said “Nigerian must address whatever their agitations are as a group and bring a halt  to all this. The National Assembly is committed in whatever ways necessary to support security agencies bring back the confidence of the group  There must be investment in our security apparatus; private sector will not stake its investment in insecure environment,” the former chairman of Nigerian governors’ said.