Dr Samuel Nzekwe, a former president of the Association of National Accountants of Nigeria (ANAN), has praised the Federal Government for its plans to remove petroleum subsidies by the end of June.
In an interview with the News Agency of Nigeria (NAN) on Sunday in Sango-Ota, Ogun, Nzekwe said the judgement was a positive move since it would stop unethical behaviour in the petroleum industry.
According to NAN, Mrs Zainab Ahmed, the minister of finance, budget, and planning, announced on January 4 that the federal government would stop providing fuel subsidies by June.
Fuel subsidies consumed N2.565 trillion between January and August 2022, according to NAN.
The minister pointed out that the nation's economy had been under strain from both the budget deficit and gasoline subsidies.
Nzekwe asserted that the government must take the initiative to address the issue of subsidies and make sure that a robust regulatory framework is in place to control the oil sector.
He urged the federal government to work together to rebuild the nation's four refineries so that they could operate at peak efficiency.
The nation's economy would grow as a result of the refineries' repairs and the anticipated start-up of the Dangote Refinery, according to the former president of ANAN. (NAN)