Rights Activist Urge Tinubu To Restore Fuel Subsidy To Mitigate Hardship

Comr.(Amb.) Derrick Oritsematosan Agberen, National Coordinator, “No Justice, No Peace Initiative,” has said that with the situation of things in the country, President Bola Tinubu Should Consider bringing back fuel subsidy.

In a statement on Sunday, he added: “The Nigeria Government as a matter of urgency, need to stabilize and fix the economy for Naira to fit in and appreciate. This is because the rise in the cost of goods and services is determined by the free fall of Naira, and the use of Dollar in her local markets has definitely made the Naira useless.”

He noted that “all policies that brought Nigeria to where she is today were made by President Bola Ahmed Tinubu and at this time, he should be considering bringing back fuel subsidy because the masses are not benefiting from subsidy removal,” saying “only officials in government do.”

He continued: “The removal of fuel subsidy was a step in the right direction but, that would have been complemented with local refining and supply of the products. The modular refinery remains an option because it is less capital-intensive alternative and flexible in adjusting to market demands.”

Continuing, he said: “We have had refineries but the Federal Government of Nigeria sees no reasons why it should function, to refine her crude oil products. Despite the abundance of her mineral resources, Nigeria lacks the capacity to meet the country’s demand for petroleum products locally and has resorted to their importation. How slowly we’ve walked, that her crude oil products are exported outside Nigeria to be refined, making the dollar stronger than the Naira, and then imported back.”

Adding: “Corruption is a central player in all these.”

He said further: “The Federal Government of Nigeria needs to consider granting licensing to modular refineries that have the capacity to refine crude oil, since her Government owned refineries aren’t working. It can generate additional energy and shore up our GDP and forex reserves. This in turn will not only raise the Naira and reduce the cost of goods and services but will create employment and rural development in Nigeria. Not until these measures are considered and put to work, the demands of the dollar cannot be reduced.”