By Chioma Obinna

The Association of Professional Bodies of Nigeria, APBN, has hailed the removal of subsidy by the Federal Government but asked President Bola Tinubu to invest the money in areas that would help ameliorate the sufferings of Nigerians.
According to the President of the APBN, Mr Manason Rubainu, the subsidy removal was necessary as it was not improving the lives of the people.

Rubainu, who spoke at the 3rd Board Meeting of APBN Council Year 2022/2024 in Lagos, said: “There was still inflation going on so you are providing subsidy, what is the benefit there?

‘’There seems to be no benefit for Nigerians, apart from the fact that you buy fuel and its cheaper.

“Apart from that, life has not been significantly improved because of the subsidy. There is still inflation; the inflation level was 22 per cent, it means we are still going to pay higher, whether subsidy is removed or not.

“This subsidy was not of value to the society, it was just going to some private pockets, being misused by individuals at their discretion.

‘’So let’s collect that money and put in the hands of government, so it can be redirected to something that will be of benefit.

“Nigerians have accepted it and I think what they have not accepted is the fact that they are suffering.”
He urged Nigerians to first accept some level of discomfort and sufferings, while government looked at what were the palliative to further reduce the sufferings.

“I believe that wherever the price of petrol goes down, the hardship will come down, there is no doubt about that.

“A good example is the MTN network service. So there are so many benefits. While removing fuel subsidy, we should not institutionalise monopoly, give license to anyone who wants to deal in petroleum products, whether by refining or importing, you will see there will be good competition and the prices will come down,” he added.

He said the subsidy removal was the main topic at the APBN meeting as their members were professionals rendering services to the society.

Rubainu, however, reasoned that though the removal of fuel subsidy by the new government was not appropriate at this time, though a good step in the right direction, it has happened, so we have looked at it and we agreed that removal of fuel subsidy is necessary, and in order

‘’But how do you ameliorate the sufferings of the consequence of the removal of subsidy?” He queried.
He reiterated the need for government to come up with adequate measures to cushion the effect of the removal, disclosing that APBN would come up with a position in a few weeks.