Yemsi Izuora/Chinedu Byron Izuora
The Lagos Chamber of Commerce and Industry (LCCI) has again called on government to discontinue its subsidy scheme on Premium Motor Spirit (PMS) and kerosene in the light of the drop in global oil price.
The chamber after its council meeting in Lagos asked government to take the opportunity presented by the current realities to exit the subsidy scheme in view of the fiscal leakages and other transparency issues associated with the scheme.
It stated that this would liberate the downstream oil sector from the shackles of inefficiency and corruption.
The council maintained that this is the time to allow the private sector to take full charge of the downstream sector and unleash the huge potentials that exist in the sector.
On the coming election the LCCI expressed concern over the calls in some quarters for the postponement of the elections.
The council noted that such a move would have significant negative consequences for investors’ confidence, the economy, and the stability of the polity adding that if it happens the credibility of the electoral process could also be put at risk.
The LCCI council urged all Nigerians and in particular the political class to respect the outcome of the elections; and candidates with reservations should seek redress in accordance with the law.
” All forms of violence should be avoided. Without peace nothing else will happen in an economy
Political and social stability are critical factors that drive investors’ confidence.
Therefore, the quality of the electoral process and the conduct of the major players in the political space are most critical at this time” a communique issued at the end of the meeting stated.
The LCCI Council also reiterated its call on the key institutions in the transition process to be above board.
It advised the INEC, security agencies and the judiciary to be non-partisan, and should be seen to be so.
“This is necessary to earn the confidence of the citizens and the stakeholders in the electoral process” the council stated.