The Managing Director, 11 Plc, Tunji Oyebanji, has stated that payment of fuel subsidy is preventing managers of Nigeria’s economy from investing in critical sectors of the economy that would have changed the economic narrative of the country over the years.
In his words: “A lot of people do not have jobs. There is a lot of unemployment in the land and this is leading to insecurity and if we do not change the narrative, such that the money we are spending on subsidies is channeled into productive areas of the economy, the economy will not grow at the pace that it needs to grow.
“Today there is only one supplier in the industry which is NNPC. This is not an ideal situation. Any market where there is a single supplier, most likely we will find hiccups along the line. He, however, stated that all hands should be on the deck to normalize the situation, which he hoped would be addressed in no distant time.