A coalition of civil society organizations known as The Osun Masterminds has urged President Bola Tinubu to reinstate the fuel subsidy to alleviate the hardships faced by Nigerians.
The group stated that the current government’s policy of removing fuel subsidies while floating the Naira has led to severe economic challenges for the populace.
During a press conference in Osogbo over the weekend, Executive Director Professor Wasiu Oyedokun-Alli emphasized that Nigeria is not prepared to implement the dual policies of Naira floating and subsidy removal at the same time.
His words, “All facts and statistics point to the fact that Nigeria was not ready for both policies – fuel subsidy removal and Naira floatation. A World Bank study affirmed that the complete removal of fuel subsidy (excluding kerosene) alone, increases economy-wide inflation by 3.4%! This clearly explains why our inflation figures continue to climb without any respite in sight.
“In a bid to curtail inflation, however, the CBN has continued to increase interest rates, arriving at the current 27.25%. This, while it appears on paper like a workable way to control inflation, is also a sure way to discourage Private sector players. With our worsening rate of unemployment, a demoralized Private sector is a terrible thing to happen to us.
“In the light of all the above, we are calling on the Federal Government, under President Bola Tinubu, to immediately implement the following before things spiral out of control:
“End the floatation of the Naira and revert to a CBN-guided pricing that will be devoid of corruption and the sharp practices that characterized the CBN under Godwin Emefiele.
“Where ending Naira floatation is not possible, return subsidy on petrol and ensure transparency, until a time in the future, when we have put proper structures in place to manage the consequences of total removal.
“Put more resources into strategic subsidies for common Nigerians instead of sharing more money to the States, which end up financing the reckless lifestyle of many of the Governors”.
(Vanguard)
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