As the recent petrol price hike continues to attract widespread condemnation, a civil society Organisation under the auspices of the Independent Media and Policy Initiative (IMPI) has affirmed that the only path to sustainable economic growth in the country lies in a liberal free-market economy.
Chairman of the Group, Niyi Akinsiju who gave the indication at a news conference in Abuja, said subsidy spending has strangled critical sectors of the nations economy,hence the need for its removal.
Akinsiju who justified the price hike explained that only market-determined petrol pricing can unlock the potentials and capabilities of the Nigerian nation and its people.
The Group further faulted the position of the Nigeria Labour Congress, urging the labour movement to embrace the Petroleum Industry Act (PIA), which mandated market-determined pricing system.
Akinsiju advised the NLC and Nigerians to actively engage the government in channeling resources that would have been funneled into the ruinous subsidy to developing the health and educational sectors and providing functional infrastructure that will grow the economy.
