{"id":41320,"date":"2022-03-17T10:57:39","date_gmt":"2022-03-17T10:57:39","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=41320"},"modified":"2022-03-17T10:57:44","modified_gmt":"2022-03-17T10:57:44","slug":"petroleum-subsidy-removal-will-reduce-budget-deficit","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/","title":{"rendered":"Petroleum subsidy removal will reduce budget deficit &nbsp;"},"content":{"rendered":"<p>A university Don, Dr Bright Eregha, has supported calls urging the Federal Government to totally remove petroleum subsidy to enhance its fiscal revenue position and engender transparency in the sector. &nbsp;<\/p>\n\n\n\n<p>Eregha, who teaches Economics at the Pan Atlantic University, made the call in Lagos. &nbsp;<\/p>\n\n\n\n<p>He opined that total removal of subsidy could enhance government\u2019s rvenue position and check its yearly financial deficit. &nbsp;<\/p>\n\n\n\n<p>He added that the idea of retaining the petroleum subsidy payment defies logic due to its nature. &nbsp;<\/p>\n\n\n\n<p>\u201cHow does one explain a situation where funds the federal government earmarks for petrol payment keep increasing arbitrarily every year, at the expense of productive sectors of the economy? &nbsp;<\/p>\n\n\n\n<p>\u201cThis poser is begging for answers,\u201d he said. &nbsp;<\/p>\n\n\n\n<p>He noted that the total removal of petroleum subsidy would attract new ininvestments, especially in the downstream sector of the economy. &nbsp;<\/p>\n\n\n\n<p>\u201cHaving new investments in the sector will lead to the emergence of more petrol chemical plants thereby strengthening our domestic capacity. &nbsp;<\/p>\n\n\n\n<p>\u201cWe could attain self-sufficiency and the prices of refined petroleum will dip due to the forces of demand and supply,\u201d Eregha said. &nbsp;<\/p>\n\n\n\n<p>He said that the federal government must continue to hold honest conversations with the various labour union on how to manage the subsidy removal. &nbsp;<\/p>\n\n\n\n<p>\u201cThey should come to a compromise and agree on the best way of bringing succour to the people, because they are the most affected. &nbsp;<\/p>\n\n\n\n<p>\u201cThis is due to the tough economic reality that an average Nigerian is contending with and coupled with the impacts of the COVID-19,\u201d he said. &nbsp;<\/p>\n\n\n\n<p>Minister of Finance, Budget and National Planning, Mrs Zanaib Ahmed, recently said that the federal government had quietly removed all subsidies in the power sector with a plan to gradually end subsidies on petrol. &nbsp;<\/p>\n\n\n\n<p>Ahmed, who spoke at a virtual meeting of the International Monetary Fund (IMF), said the current high price of crude oil had further increased petrol subsidy burden on the federal government. &nbsp;<\/p>\n\n\n\n<p>She noted that though the government had a setback in its plan to have subsidies on petrol removed by July this year, it would work with the National Assembly to have it removed in phases. &nbsp;<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-41320\" data-postid=\"41320\" class=\"themify_builder_content themify_builder_content-41320 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>A university Don, Dr Bright Eregha, has supported calls urging the Federal Government to totally remove petroleum subsidy to enhance its fiscal revenue position and engender transparency in the sector. &nbsp; Eregha, who teaches Economics at the Pan Atlantic University, made the call in Lagos. &nbsp; He opined that total removal of subsidy could enhance [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":12204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[156],"class_list":["post-41320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-imf","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Petroleum subsidy removal will reduce budget deficit &nbsp; - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petroleum subsidy removal will reduce budget deficit &nbsp; - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"A university Don, Dr Bright Eregha, has supported calls urging the Federal Government to totally remove petroleum subsidy to enhance its fiscal revenue position and engender transparency in the sector. &nbsp; Eregha, who teaches Economics at the Pan Atlantic University, made the call in Lagos. &nbsp; He opined that total removal of subsidy could enhance [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/\" \/>\n<meta property=\"og:site_name\" content=\"The Freezone Channel\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-17T10:57:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-17T10:57:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"572\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Freezone Channel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Freezone Channel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/\",\"name\":\"Petroleum subsidy removal will reduce budget deficit &nbsp; - The Freezone Channel\",\"isPartOf\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg\",\"datePublished\":\"2022-03-17T10:57:39+00:00\",\"dateModified\":\"2022-03-17T10:57:44+00:00\",\"author\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/3a1d344082f3ae7b041dba05727d20cf\"},\"breadcrumb\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#primaryimage\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg\",\"contentUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg\",\"width\":572,\"height\":352},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thefreezonechannel.com\/old\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Petroleum subsidy removal will reduce budget deficit &nbsp;\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/\",\"name\":\"The Freezone Channel\",\"description\":\"The Freezone Channel\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/3a1d344082f3ae7b041dba05727d20cf\",\"name\":\"The Freezone Channel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/04a1708b00f2c2330ce922e6cb56a4331937beae4b7f6d1ed5c054222076f721?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/04a1708b00f2c2330ce922e6cb56a4331937beae4b7f6d1ed5c054222076f721?s=96&d=mm&r=g\",\"caption\":\"The Freezone Channel\"},\"url\":\"https:\/\/thefreezonechannel.com\/old\/author\/okolilovethcyahoo-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Petroleum subsidy removal will reduce budget deficit &nbsp; - The Freezone Channel","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/","og_locale":"en_US","og_type":"article","og_title":"Petroleum subsidy removal will reduce budget deficit &nbsp; - The Freezone Channel","og_description":"A university Don, Dr Bright Eregha, has supported calls urging the Federal Government to totally remove petroleum subsidy to enhance its fiscal revenue position and engender transparency in the sector. &nbsp; Eregha, who teaches Economics at the Pan Atlantic University, made the call in Lagos. &nbsp; He opined that total removal of subsidy could enhance [&hellip;]","og_url":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/","og_site_name":"The Freezone Channel","article_published_time":"2022-03-17T10:57:39+00:00","article_modified_time":"2022-03-17T10:57:44+00:00","og_image":[{"width":572,"height":352,"url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg","type":"image\/jpeg"}],"author":"The Freezone Channel","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Freezone Channel","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/","url":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/","name":"Petroleum subsidy removal will reduce budget deficit &nbsp; - The Freezone Channel","isPartOf":{"@id":"https:\/\/thefreezonechannel.com\/old\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#primaryimage"},"image":{"@id":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#primaryimage"},"thumbnailUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg","datePublished":"2022-03-17T10:57:39+00:00","dateModified":"2022-03-17T10:57:44+00:00","author":{"@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/3a1d344082f3ae7b041dba05727d20cf"},"breadcrumb":{"@id":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#primaryimage","url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg","contentUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/04\/Nigeria-has-no-plan-to-remove-fuel-subsidy.jpg","width":572,"height":352},{"@type":"BreadcrumbList","@id":"https:\/\/thefreezonechannel.com\/old\/petroleum-subsidy-removal-will-reduce-budget-deficit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thefreezonechannel.com\/old\/"},{"@type":"ListItem","position":2,"name":"Petroleum subsidy removal will reduce budget deficit &nbsp;"}]},{"@type":"WebSite","@id":"https:\/\/thefreezonechannel.com\/old\/#website","url":"https:\/\/thefreezonechannel.com\/old\/","name":"The Freezone Channel","description":"The Freezone Channel","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/3a1d344082f3ae7b041dba05727d20cf","name":"The Freezone Channel","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/04a1708b00f2c2330ce922e6cb56a4331937beae4b7f6d1ed5c054222076f721?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/04a1708b00f2c2330ce922e6cb56a4331937beae4b7f6d1ed5c054222076f721?s=96&d=mm&r=g","caption":"The Freezone Channel"},"url":"https:\/\/thefreezonechannel.com\/old\/author\/okolilovethcyahoo-com\/"}]}},"builder_content":"","_links":{"self":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/41320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/comments?post=41320"}],"version-history":[{"count":0,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/41320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media\/12204"}],"wp:attachment":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media?parent=41320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/categories?post=41320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/tags?post=41320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}