Dr. Ojo Abdulqadir, the Founder and President of the Moahz Group Of Companies, claims that the Federal Government’s proposed removal of fuel subsidies will significantly increase Nigeria’s hardship index.
As a result, he believes the planned fuel subsidy removal should be implemented strategically so that more Nigerians are not thrown into unprecedented levels of economic hardship.
In a statement issued on Sunday, Abdulqadir stated this.
He claims that the planned subsidy removal is a major decision that will affect all Nigerians, regardless of their economic or social status, and that the disadvantages will inevitably outweigh the benefits.
Part of the statement was as follows: “The government’s role in a major economic determinant like petroleum is critical to the country’s and economy’s overall performance.
“This issue of petroleum subsidy removal, in my opinion, should be strategically deployed to avoid panic and diffuse all agitations among the affected stakeholders.
“Yes, there have been initiatives and interventions to cushion the blow of subsidy removal, but are these solutions being implemented on their merits?
“Since its inception, the CBN gas intervention fund has been lauded by handlers. The full potential of this program has yet to be realized, as there are no commercially viable alternatives to allow market forces to achieve proper equilibrium once the gasoline subsidy is eliminated. All of that shock is directly transferred to the masses, resulting in agitation and panic.
“In my opinion, the government should not, in good faith, increase the country’s hardship index because an increase in fuel prices directly translates to an increase in the cost of survival in Nigeria.”