Activites at Eko-Idumota market in Lagos… Photo: Olukayode Jaiyeola
The President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, has said if fuel subsidy was finally removed, it would lead to a big crisis for small businesses.
He said this in an interview with Sunday PUNCH.
Egbesola said at the moment, only about 10 per cent of small businesses were surviving, adding that many had closed shops because they didn’t have the wherewithal to produce again. He also said the capital of many small businesses had been eroded by inflation and high exchange rate.
He said, “A lot of small businesses will be affected. In fact, I’m also thinking of closing one of my factories. When we have fuel subsidy removed, I can’t imagine what would happen.
“I don’t think fuel subsidy removal is what the government should be talking about now.’’
In a similar vein, the National Association of Nigerian Students on Friday took a swipe at the governors over their support for total fuel subsidy removal.
NANS claimed that the governors agreed to fuel subsidy removal only because they saw it as an avenue for an increase in the allocation accruable to them from the Federation Account.
NANS President, Sunday Asefon, who described any proposed hike in fuel price as irresponsible and wicked, said Nigerian students would resist the “unpopular decision” of fuel subsidy removal because it would further impoverish Nigerians.
