Reducing the hike in prices of goods in Nigeria requires a multi-faceted approach that addresses various aspects of the economy. It is crucial for stakeholders, including the government, private sector, and citizens, to collaborate in implementing these strategies, ultimately benefiting the economy and improving the livelihoods of Nigerians.
Nigerians are entitled to cheap petrol through the fuel subsidy. But if it must go, the savings must be used to improve their lives beyond demeaning palliatives. Sadly, Tinubu’s fuel subsidy policy lacks transparency, accountability and thoughtfulness. He must act with care or else he risks a monumental backlash!
After 63 years of independence, we are still where we are, struggling to get it right. It is bad leadership. All our political parties have let us down. They do not take into consideration the interests of Nigerians; they are only looking after their own interests.
Describing Governor Otti as a first-class economist, banker and versatile manager of men and resources, the Vice Chancellor noted that the lecturer belonged to the special family of alumni of the University having bagged an Honorary Doctorate degree of the Institution.
Subsidy regimes in Nigeria have been marred by corruption, leading to a loss of billions of naira to the national treasury. Phasing out subsidies will help eliminate the legal and illegal diversion of subsidised products for private gains. It will also reduce the pressure on regulatory agencies and create room for them to focus on their core regulatory functions effectively.