Industrialists, traders move against hike in energy price

Industrialists, traders and manufacturers in the country have expressed disapproval for any attempt to hike fuel price under any disguise.

Recently, the Senate hinted a possible introduction of N5 levy on imported petrol and diesel products and on other non-locally refined petroleum products to be used to fund road projects and maintenance in the country.

The outcry that greeted the hint made the Senate President, Bukola Saraki, to disclose that the N5 levy would be from the current N145 per litre and that no hike was in the offing.

However, stakeholders in the manufacturing and trade sector said there was no how such a levy would be introduced without a hike, a development that would affect their energy budget adversely.

The President of Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, said the spiral effect of the proposed N5 levy on imported petroleum products would be unprecedented on the economy.

He stated that though the proposal was not bad in its entirety, the proposal was ill-timed and that the lawmakers should reconsider the appropriateness of the timing of the bill and the choice of petroleum products like petrol and diesel.

Similarly, industrialists are also rattled by the proposed levy, saying it would bring hardship to Nigeria.

The Abuja Chamber of Commerce and Industry (ACCI) said the chamber was not in support of the proposal as it would worsen the plight of the masses.

President of ACCI, Mr. Tony Ejinkeonye, said that the proposal, if implemented, would cause untold hardship to the nation. He said the bill was one of the 11 high priority economic recovery bills recommended to the National Assembly for passage by the National Assembly Business Environment Roundtable.

He attested to the fact that budgetary allocations were not enough to fund road infrastructure in the country and that several federal roads across the country were in very bad shape.

The President, National Association of Nigerian Traders (NANTS), Mr Ken Ukaoha, said though the idea was good but that the timing was wrong.

Ukaoha stated that the nation was in crisis of economic recession already and there was no need of adding to the burden.

While noting the country needed other sources of revenue to augment the depleting oil revenue, he said there was need to combine oil and non-oil revenue sources and tax as a way to survive.