Federal Government spent N9 trillion on oil subsidy in 10 years, says Oando chief

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– The Nigerian government has spent about N9 trillion on oil subsidy within the past 10 years

– A chief financial officer at Oando Plc Femi Adeyemi the federal government must drop oil subsidy to enhance infrastructural development and economic growth in Nigeria

– Adeyemi said there was a need to channel the huge funds spent on oil subsidy on an annual basis on infrastructure in order to make the country a better place for all

The Nigerian government has spent about N9 trillion on oil subsidy within the past 10 years, the executive director and chief financial officer at Oando Plc Femi Adeyemi has said.

Speaking at the gathering of the Federal Government College Ibadan Old Boys’ Association, Adeyemi said, the federal government must drop oil subsidy to enhance infrastructural development and economic growth in Nigeria.

“We are not looking at kerosene subsidy that actually impacts the poor. The price of kerosene has increased by about 300 per cent in the last 18 months,” Adeyemi said.

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Adeyemi said there was a need to channel the huge funds spent on oil subsidy on an annual basis on infrastructure in order to make the country a better place for all.

He said: “I think we need to drop subsidy rather than look at it as our own share of the national cake. The amount spent on subsidy can be used to develop infrastructure, when we do that, the future generation can be said to benefit from crude oil.”

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The Nigerian government has spent about N9 trillion on oil subsidy within the past 10 years

He also said the FGGC foundation will raise N250 million to help build boarding facilities, house masters’ quarters and embark on other projects in the school.

READ ALSO: Very touching: See what aide to Abia state governor did to kind carpenter who helped him in university 20 years ago

Also speaking, the national president of the association Biodun Jolaoso said the GCIOBA will lead a new management board of the school.

He said the association will ensure that that a global statndard admission process for new intakes into the school in September.

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He said: “The Oyo State Government has set up School Management Boards for all secondary schools in the state including the GCI. The boards have been inaugurated and 12 scholarships have been awarded. GCI has suffered a lot of neglect from the state government, hence our concerted efforts for its restoration.”

Watch this video of Nigerians lamenting the high rate of inflation in the country:

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