Hamzat added that revenue generation has been a major challenge in the country, noting that the recent subsidy removal, would afford Government the opportunity to divert the funds to other sectors.
Citing the International Monetary Fund (IMF) the Deputy Governor reiterated that the fuel subsidy is not sustainable, noting that the subsidy benefited less than 13 percent of the entire population while 87 percent were left out.
He said: “There are 48,000km of borders in Nigeria, even if you deploy the military, the Navy, people will steal because we are talking of market, we are subsidising fuel for other countries.
“Various commentators and IMF have told us we are spending trillions subsidising substantially rich people because we are spending on 13 percent of the less privileged and 87 percent for people who can afford it. It doesn’t make sense.
“So if we can plow that money back, then it makes it easier to invest in education, health, and others. So the President will be able to harness it and be able to use it for various projects.”
The Deputy Governor also noted that the government is aware of the effect of the removal because it will affect transportation prices and commodities but in the long run, things will get better.
“I understand that the transportation fares have gone higher but the only thing is that it will get a little tougher before it gets better. Remember, the prices in Lagos will be different from Ibadan. And even in Lagos, because of efficiency, prices will differ but you are not subsidising anybody’s inefficiency.
“It is a question of time, in just two or three months, things will stabilise. So, if the international prices crash, they will also crash. Competition will always make it crash, market forces will determine the prices,” he said.
Speaking during the on-the-spot assessment, managers of the fuel stations visited assured the Deputy Governor that there is enough fuel, therefore, there is no need for the populace to panic.