Development of a country is a painstaking process that can only be achieved with strategic investment in critical infrastructure and social security, members of the National Economics Students Association (NESA) said.
While the students all agreed that investment in fuel subsidy amounts to wastage and unbalanced distribution of wealth in the country, they disagree on the avenues for reinvestment of the subsidy funds.
The Fuel Subsidy Debate themed Reinvesting Nigeria’s Fuel Subsidy: Pro-poor Growth Versus Social Protection Programmes was organized by The Peter Bauer Foundation (aka The Liberal Forum) at the Freedom Park, Lagos Island.
NESA Unilag, represented by Padonu Lois and Ibrahim Lasisi maintained that the subsidy fund would find better use if it was invested in developing infrastructure across the country.
“Removal of subsidy would reduce Nigeria’s debts profile. Infrastructure, health and education are key indicators for development in a country, so investing in these sectors would only make for development in the country,” Padonu said.
Lasisi, who won the best speaker at the event linked investment in infrastructure to poverty eradication and prevention of accidents on the country’s roads.
He said: “By diverting subsidy funds into roads and other infrastructure repairs, accidents would be reduced on the road.”
Linking his points to the mass exodus of health care workers in the country, Lasisi added, “Also, Nigerian doctors want to stay. If the subsidy fund is used to improve the health sector, the 1500 doctors graduating annually will stay in the country.” He further asked, “Tell me just one country that has escaped poverty by prioritising social transfers over-investment in infrastructure!”
Advancing their points, NESA Unilorin, represented by Adefowope Iyabo Rahmat and Iortsor Ternenge Nicholas held that social transfers to the poorest members of the population would stimulate the economy in a very positive direction.
“Malawi invested on social transfers to rural women practising agriculture and reaped about 58% growth,” Rahmat said.
“Social transfer also positively influences happiness index of a country,” Iortsor added.
Announcing Unilag as the winner of the debate, Founder of Joy, inc and one of the Judges at the event, Chude Jidenowo, thanked The Liberal Forum aka The Peter Bauer Foundation for organising the debate with a timely topic. He applauded all the speakers for being passionate in advancing their points.
Also speaking at the event, Director of Research and Advocacy, Lagos Chambers of Commerce and Industry, Dr Vincent Nwani, commended the speakers and organisers of the event, promising the best debater, an automatic employment in LCCI in addition to the six-week internship in a Policy Consulting Firm awarded to the winning team. Nwanni also promised LCCI’s support for subsequent debates by The Liberal Forum.
Others present at the competition were Suraj Oyewale, Senior Tax Accountant, Seven Energy and Kunle Ajiboye, International compliance lawyer.
The Peter Bauer Foundation (also known as The Liberal Forum, TLF) is a non-partisan economic and public policy think tank devoted to popularising policy choices that enhance the wellbeing of all Nigerians.
It believes policies that limit the control politicians and civil servants have over economic resources and activities motivate the private sector to invest and create jobs and reduce opportunities for corruption thus allowing the nation’s resources to be used for the maximum benefit of all Nigerians.
