The former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has said that fuel subsidy removal may trigger the inflation rate beyond the estimated single-digit track.

Nzekwe told newsmen in Lagos on Sunday that this was because the economy was “generator-driven’’ as most companies, artisans and homes relied on generators.

“Consequently, the prices of goods and services will definitely go up.

“Then, the under-privileged, which government is trying to protect would suffer more under this condition,’’ the accountant said.

Nzekwe advised President Goodluck Jonathan to improve on power supply before going ahead with the removal of the subsidy.

“An average household in Nigeria, including the impoverished masses, one way or the other uses fuel everyday,’’  Nzekwe  said.

He urged the Federal Government to look into the report of the Senate Committee investigating the activities of the Nigerian National Petroleum Corporation.

The accountant said that this would enable the committee to ascertain the actual figures of crude oil exported as well as imported refined petroleum products.

He said that this would enable the Senate to also look into the amount spent on subsidy.

According to Nzekwe, from the Senate’s investigation, only very insignificant quantity of crude oil is refined in the country.

“Others are either exchanged for finished products or refined in other countries and imported back to Nigeria,’’ he said.

The accountant said that government should start thinking about how to build refineries.

“This will definitely produce refined petroleum products for local consumption as well as exports,” Nzekwe said.

He said that this measure would curtail leakages, wastes and corrupt practices.

Nzekwe urged the National Assembly to start work immediately on the budget.

“In no distant time, the final proposal would be ready for implementation,’’ he said.