Former presidential media aide, Pastor Reno Omokri has advised the Bola Tinubu-led government on how to cushion the economic effects of the fuel subsidy removal.
Omokri, from Delta state, has been a staunch supporter of the policy even before the advent of the Tinubu administration.
His principal and Peoples Democratic Party presidential candidate, Alhaji Atiku Abubakar had also spoken in favour of the policy during the electioneering period.
To cut costs and cushion the economic backlash of the policy, Omokri advised that the Tinubu-led government should:
1.Ensure Civil servants salaries are increased
2.The Central Bank of Nigeria must also end multiple exchange rates
3.Palliatives must be paid to the poorest 5% of Nigerians
4.The ₦63 billion meant to pay severance to General Buhari, Osinbajo, and the outgone governors should be halted until 1-3 have been implemented
He added:
”If these conditions are met, it will be unpatriotic not to support the deregulation of the downstream sector of the oil industry.”
Victor Nosa Uwaifo agreed with Omokri, but noted that:
”There also needs to be a concerted effort to close the ‘leakages’ that cause the loss of 100s of billions annually through graft, theft, contract padding, and overall cost of governance.”
He added:
”Our resources are limited, but we spend (and borrow), like there is no tomorrow. Enough.”
Iwuji Benedict Obinna agreed, saying:
”Subsidy removal is great for the country and saves her from unnecessary spending unaccounted for. The funds been dashed for virtual purchases most times, leaving the country paying continually on nothing. The problem now is necessary strategies in place for management.”
Bamidele Jaiye added:
”It is fine but caution must be applied cos it could lead to a bigger problem. Almost everyone depends on petrol in Nigeria as opposed to other countries where fuel is an alternative or optional commodity. Now there is no cushion as promised so the economic effect will be hard.”
The Nigerian government through the country’s national oil company recently announced a new price regime for the new pump price of fuel.
The move had triggered debates across the country with the labour unions threatening to down tools if the policy is not reversed.
