The FSDH Merchant Bank has advised the Federal Government to remove petroleum subsidy and channel the money into some other social intervention programmes of the government that had direct impacts on the poor, considering the government’s low revenue.
This was contained in the Bank’s monthly economic and financial markets outlook titled, ‘Economy in need of boosters: Priorities for a second term’.
The Bank said it is important for the Federal Government to appoint members of the cabinet with their respective portfolios in the month of June. Stating it would enable the present administration to start the implementation of the next level growth, and development agenda of the Federal Government of Nigeria.
It stated, “We also recommend an adjustment to the electricity tariff in order to drive investments into this critical sector of the economy.
“This will also accelerate the growth of small and medium scale businesses in the country that are handicapped because of epileptic power supply and the high cost of running on a generator and other more expensive sources of power.”