Australia-based Nigerian publisher of 9News Nigeria and CEO of Nine Communications Nigeria Limited, Mr. Obinna Ejianya, on Wednesday urged President Bola Tinubu to alleviate the severe economic hardships faced by Nigerians.
Mr Ejianya stressed that in doing this, President Tinubu should restore the fuel subsidy as a necessary measure to alleviate the hardships
According to him, reducing fuel prices will stimulate the economy and provide relief to citizens grappling with the skyrocketing cost of living, which has risen beyond affordable levels due to the removal of the fuel subsidy.
While emphasizing that restoring fuel subsidies would create such an environment, allowing citizens to thrive, he lauded the skills and work ethic of Nigerians, saying, “they need an enabling environment to enhance productivity.”
Acknowledging the various economic policies being implemented by the Tinubu’s administration, he argued that these measures would be ineffective without addressing the sharp increase in fuel prices, which he described as a critical driver of both the Nigerian and global economies.
He pointed out that neglecting fuel subsidies while pursuing other policies, is akin to “putting the cart before the horse,” and could lead to economic stagnation, adding that the Nigerian economy heavily relies on fuel, with many sectors dependent on it for production.
Mr Ejianya stressed further that an increase in fuel prices could have catastrophic consequences for the economy, overshadowing any benefits from other policies and that the sharp rise in fuel costs has a direct negative impact on Nigeria’s GDP per capita, as it reduces the purchasing power of citizens, limits economic productivity, and increases the cost of goods and services.
He maintained that failing to address the fuel subsidy, efforts to improve the economy would invariably yield poor results.
