BY AKINWALE ABOLUWADE, IBADAN
A cross-section of Nigerians is currently jittery about the uncertain economic future of the country as the New Year rolls in.
For many, the prevailing realities in the country had left much to be desired as the Federal Government indicated that it would remove subsidies on petroleum.
The decision by the Federal Government to remove fuel subsidy had, for long, been a recurrent topic in public debate.
There had been heated reactions on the issue since the Minister of Finance, Budget and National Planning, Zainab Ahmed, said that the Muhammadu Buhari-led administration decided that the subsidy would be replaced with a monthly N5,000 transport grant to about 30 to 40 million poor Nigerians to cushion the effect of the removal.
The Minister said that the Nigerian government spent trillions of naira yearly on payment of subsidy on petroleum products, stating however that the amount would be used to fund critical projects in line with the position of the International Monetary Fund.
However, many Nigerians said that the government should keep fuel cost low on the argument that subsidy was the only benefit that the people received as a benefit.
An economist, Duro Odubiyi, said that the burden being placed on the citizens in the wake of the weak economic policy of the Federal Government was daunting.
In his opinion, as a monolithic economy, it was logical that the nation would be brought to its knees at a time like this when the world is facing critical economic challenges. He added, “Can you imagine what would happen to a country that fails to plan for its ever-growing population? That is what we face in this nation.
“We have oil, but we cannot refine it. What can we produce as a people? We have vast arable land but still rely on food importation. We are a coastal country with a sea line and many big rivers, yet, we import fish. We import virtually everything. Ignore empty boasts, whoever feeds you holds the key to your survival. This makes the naira look lifeless in front of the dollar.”
A commercial transporter, Tunde Oke, said that “Already, the people are crying. They rain curses on commercial drivers for offences that they did not commit because they feel that transport fare is too high, and alleged that they were being exploited. It is not our fault.
“We implore the government to review its stand as things are already very difficult. The removal of subsidies might ground the whole system and make things go really bad.”
The Head Pastor, Cornerstone Baptist Church, Gbopa, Ibadan, Adegboyega Abifarin said, “Subsidy removal will definitely have its negative effect on the masses. The current fuel price has not been adjusted when the government is proposing another.
“I’ll advise that the plan should be withdrawn so as not to increase the level of the hardship of the poor (masses).”
Ajayi Olatunji, a businessman, who is embarking on a building project, said that the increase in pump price would adversely affect prices of other commodities.
He said, “I tried to ensure that a building project that I embarked on gets to an advanced stage before the new pump price regime comes in 2022. This is because prices of building materials, as well as other products, would skyrocket once the fuel price increases.”
