OIL: Removal of fuel subsidy in peoples’ interest- LCCI DG

Mr Muda Yusuf, the Director-General of Lagos Chamber of Commerce and Industry ( LCCI), on Thursday said that deregulation of the petroleum sector was in the peoples’ interest.

Yusuf told the News Agency of Nigeria (NAN) in Lagos that the subsidy regime was no longer sustainable because it exerted pressure on government’s finances and foreign reserves.

According to him, for several decades, the subsidy regime had serious transparency issues which inadvertently caused the economy to suffer.

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