The Federal Government has spent about N9tn on oil subsidy in the last 10 years, the Executive Director and Chief Financial Officer, Oando Plc, Mr. Femi Adeyemi, has said.
He therefore advised the Federal Government to drop oil subsidy in order to enhance infrastructural development and economic growth.
He said this just as the Government College Ibadan Old Boys Association said it had just set up the Government College Ibadan Educational Foundation to address infrastructural deficit in their Alma Mata.
He told the gathering which included the Chairman, Punch Nigeria Limited, Mr. Wale Aboderin, that the foundation would raise N250m to build boarding facilities, house masters’ quarters and embark on other projects in the school.
The National President, GCIOBA, Mr. Biodun Jolaoso, said this during the 2017 Annual Luncheon and Merit Awards of the Lagos Branch of the association on Sunday.
While noting that the association would lead a new management board of the school, Jolaoso added that the association would ensure a rigorous admission process for new intakes into the school in September.
He said, “The Oyo State Government has set up School Management Boards for all secondary schools in the state including the GCI. The boards have been inaugurated and 12 scholarships have been awarded. GCI has suffered a lot of neglect from the state government, hence our concerted efforts for its restoration.”
In his speech, the Chairman, GCIOBA Lagos Branch, Mr. Yomi Akinyeye, said the branch would soon acquire a property to host its meetings and other events.
He added, “We commend the Federal Government for its courage and determination in downgrading the Boko Haram sect, provision of lifeline to states to pay workers’ salaries, negotiate with the private sector to stem the tide of job losses and the whistle-blowing policy that is leading to the recovery of billions of naira hopefully to the national treasury.”
The Chairman of the occasion, Chief Ajibola Ogunshola, who commended the Lagos branch of the association, appreciated notable members of GCIOBA for their contributions towards the development of the school and the education sector in general.
While commending the GCIOBA 2017 Merit Award Winners, Ogunshola challenged other members of the association to put in more hard work to boost their chances of being recognised in future by the association.
The chairman commended the keynote speaker, Adeyemo, who is the Chief Financial Officer of Oando, for laudable feats he had achieved in his career.
Ogunshola described Adeyemo as a world-class financial consultant and a management expert
Adeyemo, who delivered a paper with the theme, ‘Oil subsidy, a perspective from the field’, noted that the Federal Government was spending between N750bn and N1tn on oil subsidy every year.
He argued that the amount the Federal Government spent on oil subsidy on an annual basis was more than the last annual budget of Lagos State estimated at N662bn.
Seventy per cent of the benefits of oil subsidy, according to him, accrues to only a few Nigerians.
“We are not looking at kerosene subsidy that actually impacts the poor. The price of kerosene has increased by about 300 per cent in the last 18 months,” he added.
Adeyemo said there was a need to channel the huge funds spent on oil subsidy on an annual basis on infrastructure in order to make the country a better place for all.
He said, “I think we need to drop subsidy rather than look at it as our own share of the national cake. The amount spent on subsidy can be used to develop infrastructure, when we do that, the future generation can be said to benefit from crude oil.”