Africa Business Radio

Former Director-General of the Lagos State Chamber of Commerce and Industry, Muda Yusuf, has backed the removal of fuel subsidy, saying the move is necessary for the nation’s economy to stand. Yusuf condemned a situation, whereby the Federal Government spends N3 trillion annually on fuel subsidies. He says for this economy to continue to stand, subsidy removal has to happen. He added that they cannot continue with a situation whereby they will be spending close to N3 trillion annually on subsidies and not just because of that, because of the investment, macro-economic implication.