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Prioritise subsidy removal, tackling multiple taxation over salary increase

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A Professor of Financial Economy, Sebastian Urummadu has advised the Federal government to restore the fuel subsidy and end multiple taxation, saying it would stabilize the economy. This is even as he urged the Nigerian Labour Congress, NLC, to concentrate its demand on the restoration of fuel subsidy and the end of multiple taxation.

Professor Urummadu who is of Michael Okpara University of Agriculture, Umudike, stated this on Sunday while speaking to Journalists in Umuahia. He suggested that a better subsidy management team should have been constituted by the government to monitor fuel subsidy, than removing it in the first place. Uremmadu, who decried the level of hunger and suffering among the masses, said the situation has further increased insecurity in Abia and other parts of the country.

Bring back the fuel subsidy so that the cost of transportation and cost of things will reduce', said the Professor. He urged the NLC and the federal government to negotiate fuel subsidy returns and end multiple taxation but to concentrate less on high salary demands. Uremmadu, who knocked the International Monetary Fund, IMF, for its regular influence on the Nigerian economy, made it clear that every country, including the United States of America, practices subsidy.

 

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