Procedures Govt should follow to remove petrol subsidy – Moghalu

Former CBN Governor, Prof Kingsley Moghalu has advised the Federal Government on measures to take before withdrawing the subsidy on Premium Motor Spirit (PMS), often known as petrol

He said one of the most important things to take is to establish a functional public transportation system in the country.

He made this known during an interview on Channels Television’s Politics Today.

He said: “If you spent N1 trillion; you don’t even have to do that. If you spend N500 billion, you could have a very effective public transportation system across this whole country and the people, therefore, who can afford petrol when you remove the subsidy – the middle class and wealthy people; they can carry on and poor people who can’t afford the commercial price of petrol which is being subsidized today can use public transport to move around.