New Telegraph

Naira Fall: Group Urges Tinubu To Reintroduce Fuel Subsidy

A socio-cultural group called “No Justice, No Peace Initiative” has asked President Bola Ahmed Tinibu to think about reintroducing the fuel subsidy into Nigeria’s system of government.

According to the group, only the government officials benefit from the withdrawal of the fuel subsidies, not the general public.

Comr. (Amb.) Derrick Oritsematosan Agberen, the Group National Coordinator, made the call in a signed statement that was made accessible to NEW TELEGRAPH on Tuesday.

While acknowledging that the elimination of fuel subsidies was a positive move, he noted that “It would have been complemented with local refining and supply of the products.

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“We have had refineries but the Federal Government of Nigeria sees no reason why it should function, to refine her crude oil products.

“Despite the abundance of her mineral resources, Nigeria has lacked 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. Corruption is a central player in all these.

“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.”

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