…By Larry John for TDPel Media.
Former Presidential aide, Reno Omokri, has expressed his opinion that retaining fuel subsidy is not the most effective way to improve Nigeria’s economic situation.
This viewpoint arises amidst the recent increase in fuel prices, long queues at gas stations, and scarcity of the product.
Emphasizing the Need for Infrastructure and a Strong Currency
Reno argues that if the Nigerian population desires better infrastructure and a stronger Naira, supporting the allocation of $12 billion from the country’s $40 billion annual income for fuel subsidies would be misguided.
Instead, he suggests that Nigerians should advocate for an increase in the minimum wage of workers as an alternative to retaining fuel subsidies.
The Negative Effects of Fuel Subsidy Retention
Reno warns that if fuel subsidies are not removed, the Naira will continue to be devalued, hindering the progress of the country.
Drawing a parallel with oil-rich Venezuela, he highlights how cheap fuel subsidies have negatively impacted their economy, leading to a significant devaluation of their currency.
Venezuela currently ranks as the second most miserable nation on the Hanke World Misery Index, with only Syria ranking worse.
Call for a Living Minimum Wage
Instead of advocating for fuel subsidy retention, Reno emphasizes the importance of demanding a living minimum wage for Nigerian workers.
He believes that unless the country weans itself off cheap fuel, progress will be hindered.
Political Parties’ Stance on Fuel Subsidy
Reno points out that the majority of major political parties campaigned on the promise of removing fuel subsidies immediately upon assuming office, with the exception of the NNPP (National New Progressive Party).
He suggests that any opposition to President Tinubu’s decision to remove fuel subsidy at this stage is merely a display of sour grapes rather than sound politics.
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