Subsidy removal: Disbursement of N500bn to 12m homes wont address fundamental issues FG told.

Africa Leadership Group (ALG), a citizen-centric, and effective governance  leadership organization has taken a swipe on President Bola Tinubu’s swift decision on the petroleum subsidy removal, noting that its subsequent effects on the Nigeria citizenry is huge and worrisome.

Reacting in a press release signed by Lara Gureje-Oderinde – ALG Director of Publicity and Media Relations, made known their position on the matter, stating that President Bola Tinubu administration’s decision to disburse 500 billion naira to 12 million households over 6 months does not adequately address the fundamental issues and impact resulting from the subsidy removal.

It stated, “The decision to remove the petroleum subsidy regime, as declared by Mr. Bola Tinubu in his inaugural address, has had immediate consequences on the prices of goods, essential services, and food items, causing significant worries among millions of Nigerians, with a sharp increase in transport fares adding to the burden on citizens.

“The impact of increasing domestic fuel prices on the welfare of households arises through two channels. First, households face the direct impact of higher prices for fuels consumed for cooking, heating, lighting, and personal transport. Second, an indirect impact is felt through higher prices for other goods and services consumed by households as higher fuel costs are reflected in increased production costs and consumer prices.”

However, Africa Leadership Group, an organisation founded by Pastor Ituah Ighodalo in a response to the outcry from Nigerians, conducted a survey of citizen’s opinion, and disclosed that some analysts believe that the approach does not adequately address the fundamental issues and impact resulting from the subsidy removal.

Meanwhile, ALG in the process, proffered three top areas identified by the citizens where the 500 billion naira could be channeled for adequate use, other than mere incentives to 12 million homes that would not meet their needs.

“Firstly, about 48.7 percent of the fund should be invested in modular refineries to create jobs. Secondly, 48.1 percent of the money should be channeled to manufacturing or agriculture, with particular focus on small medium enterprises and smallholder farmers. And lastly, 41.7 percent should be used to subsidize commercial transportation or buy and distribute new buses to States to ameliorate the impact and logistics of human and goods.

“Other actionable pathways suggested by citizens include investing in health or education, subsidizing electricity tariffs, distributing funds to the poor through a transparent process, investing in areas affected by terrorism, and focusing on food security initiatives.”

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