Lagos Chamber of Commerce and Industry expressed concern over rise in the nation’s fuel subsidy

The Lagos Chamber of Commerce and Industry on Wednesday expressed concern over rise in the nation’s fuel subsidy payment, debt portfolio as well as the use of multiple exchange rates, saying the developments would retard growth in the economy. In a press briefing on the state of the economy by its president, Babatunde Ruwase, LCCI described as worrisome over N11 trillion spent by the country in payment for outstanding subsidy claims in the last six years. It urged the Federal Government to stop the issue of subsidy on petrol and ensure that the nation’s refineries are working at full capacity.

“Fuel subsidy has created considerable distortions and transparency problems in the sector over the years. We also urge the president to appoint a minister of petroleum in his new cabinet to oversee and coordinate the activities of the petroleum industry and not just a minister of state for petroleum’’, he said.

 

 

 

 

for today in history in 2007,  In southern region, armed men kidnapped five foreigners, the same day the most prominent militant group announced it would end a truce with the government.

 in 2008 , Hundreds (100) of soldiers who served as United Nation (UN) peacekeepers in Liberia went on rampage in Akure, protested against military authorities’ refusal to pay their allowances.