The Federal Government has been called on to remove subsidy on petrol.

The Centre for Social Justice, Equity and Transparency (CESJET), which made this call said it has become evident that all options for sustaining the practice of paying for fuel subsidy has been exhausted without the desired impact.

In a statement on Monday, by its Executive Secretary, Comrade Ikpa Isaac, the CESJET described keeping the subsidy in place as a black hole that could destroy the nation’s economy if it is not closed up.

The statement noted that combination of the fuel crisis and the weakened national currency have made life a living hell for citizens who are being forced to pay higher amounts to black marketers and extortionist petrol stations that openly sell above the subsidized price.

The statement read: “The Federal Government must accept that the situation around fuel supply is no longer about saving face or living up to political promises. President Muhammadu Buhari has to face the glaring reality that the huge amount pouring into the black hole- fuel subsidy cannot be sustained. To continue to pour money into this black hole instead of plugging it could destroy the economy.

“It is clear for all to see now that all the efforts and strategies for keeping subsidy on petrol in place have failed irretrievably on account of constant theft and volatility of the global economy. As a nation, we cannot continue to be obstinate about this since as a producer, petrol would still naturally sell below global prices once local refining capacity is improved.

“It is true that the Occupy Protests of 2012 fought the government at that time to a standstill to retain subsidy payment. But the Occupy Protests that could occur in 2016 would rather be insisting that subsidy must be discontinued within hours if the federal government does not act promptly.

“We are confident that the fundamentals and the variables have changed with the incumbent government in place and we are therefore confident that the removal of subsidy at this point will work more in favour of Nigerians.”