The Managing director of Oando Plc, Wale Tinubu, on Tuesday said the Federal Government spent $5 billion on fuel subsidy in 2018.
Tinubu made this known at the ongoing Oil and Gas Conference in Abuja, adding that politicians want the subsidy on crude oil products to continue at all cost.
He however called for the deregulation of the sector, adding that the Federal Government needs to stop subsidy.
According to him, the $5 billion could have been used to finance the much-needed infrastructure required by the country.
Tinubu said other critical sectors of the economy such as education and health were in need of funding.
He said: “The government has chosen to effectively subsidise the price as a social palliative.
“Not that I support it, but we spent $5 billion last year on subsidy, which was even more than what we spent on education and housing combined.
“At a population growth rate of 3 per cent, the question is what is the best?
” To invest in infrastructure or consumption?
“There is a big debate that has to be made around this and as stakeholders, we absolutely need to champion that debate with the Federal Government.”