The Registrar and Chief Executive Officer of ICAN Professor Ahmed Kumshe, disclosed this in a statement.
Kumshe in a statement made available on Thursday said that to attract investment into the sector at the required scale, the government needs to introduce other policies to complement the fuel subsidy removal to make the sector competitive and attractive given its international nature.
He said, “Policies seeking to impose higher taxes on gas operations, and duties on renewable energy items amongst others should be reviewed.
He added, “Regulation is also required to ensure that the desired quality of products is achieved whether imported or locally produced, and the maintenance of sufficient stock to guarantee uninterrupted supply.
“Also, the gains which are expected to accrue because of market efficiency should cascade to the people rather than for the enrichment of a few.”
He further advised the FG that the legally prescribed limits as set out in the Fiscal Responsibility Act (FRA) should be respected at all times while noting that the budgeting process needs to be improved as the government’s revenue increases thereby creating the fiscal space to finance development.
Also, he said the consequential savings from fuel subsidy removal, lower debt service cost, elimination of forex subsidy, among others should be channeled into programs that will benefit the people and are in line with the fiscal responsibility legal framework.