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The recent removal of fuel subsidy and increment of the pump price of prime motor spirit (PMS) by the Federal Government has gotten another major endorsement, this time from a major stakeholder in the transportation industry, ALBON.

Check out the accompanying release below.

PRESS RELEASE BY THE ASSOCIATION OF LUXURY BUS OWNERS OF NIGERIA (ALBON) IN SUPPORT OF THE FUEL SUBSIDY REMOVAL BY THE FEDERAL GOVERNMENT OF NIGERIA

The Association of Luxury Bus Owners of Nigeria (ALBON) the
umbrella body for Long Distance Bus Owners/Operators in Nigeria welcomes the
removal of fuel subsidy recently announced by the Federal Government of Nigeria.
In taking this position, the Association is of the view that
the removal of fuel subsidy would result in massive private sector investment
in the downstream sector of the nation’s economy since it is self-evident that
no private investor would invest huge sum of money in a sector that is heavily
and rigidly regulated by the Government.
Equally, the Association notes with satisfaction that the
de-regulation would ensure that petroleum products are readily available in the
country as it is envisaged that private investors would embark upon both the
importation of petroleum products and the establishment of private refineries.
However, as we support the removal of fuel subsidy, we also
urge the Federal Government to channel the money that would be saved by this
removal to the development of the nation’s infrastructures especially the
urgent repair and re-construction of major arterial roads across the country to
enhance easy movement of people and goods across the country.
SIGNED:
SIR
DAN OKEMUO
President
Association
of Luxury Bus Owners of Nigeria (ALBON)
236
Herbert Macaulay way,
Alagomeji,
Yaba
– Lagos.
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