Subsidy removal will open up new energy sources– ICSAN

The Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has applauded the velocity at which the Tinubu-led administration is addressing salient economic issues in the country. 

Outgoing ICSAN president, Gbenga Owokalade, said this at a press parley held in Lagos.

He said the move by the current administration on fuel subsidy removal would reduce the country’s dependence on fuel for energy uses, move for the generation of fresh alternative energy ideas, and address the monopoly within the oil and power sectors.

He also stated that the newly signed Electricity Act would drive more private sector, state and local governments inclusivity in electricity supply, distribution and generation of the country, while maintaining that subsidy removal would trigger new business activities and initiatives in the energy sector.

Owokalade however advised the FG to create the right environment for private businesses to thrive, and redirect foreign direct investment into the country to grow the economy, while allowing the states to explore their full capacities.

“We need constitutional reform. So many provisions in the exclusive list should be unbundled and transferred to the concurrent list, so that state governments can explore their capacities and govern their citizens well.