The Presidential candidate of Young Progressive Party (YPP) during the 2019 general election, Kingsley Moghalu has reacted to the decision of the Muhammadu Buhari led Federal Government to deregulate the downstream sector of the petroleum industry and remove fuel subsidy.
Moghalu said ‘the trillions spent on petrol subsidy could have built, staffed, equipped world class hospitals, better invested in education to give young people 21st century skills.”
He added that the decision was “long overdue, necessary, and is right.”
Taking to Twitter on Saturday morning, Moghalu wrote:
“Subsidy removal/deregulation of petrol price by the Nigerian Govt was long overdue, necessary, and is right. Govt should create enabling environment for individuals to create wealth and achieve their full potential, not stifle productivity by distorting or replacing the market.
“In a country without a clear ideology like ours, but which is essentially capitalist in orientation, excessive govt involvement in the economy has only created massive corruption and a rent-seeking State. This has been very harmful.
“The trillions spent on petrol subsidy could’ve built, staffed, equipped world class hospitals, better invested in education to give young people 21st century skills. This disastrous political populism that actually hurts Nigerians shouldn’t return with increased oil prices.
“Some wrongly think this populist econ management approach is “pro-poor”, but it blocks the economy from real growth and diversification, & government from allocating resources to real human development/social infrastructure like healthcare and education.This perpetuates poverty.”
