KEY POINTS
- MBF called on Tinubu to change its mind on the two policies namely subsidy and Naira devaluation.
- Measures that have been accused of raising the costs and the burden on the poor in the society.
- Demands made to adopt CNG programme implementation on a phased basis in order to reduce dependency on petrol.
The Middle Belt Forum (MBF) has therefore urged the president-elect Bola Tinubu not to implement any of the afore mentioned economic policies more so the un-fashioning of petroleum subsidy and the devaluation of the Naira.
In its account, MBF Dr. Bitrus Pogu has pointed to these and other measures as having wrought hardship, putting more cost on Nigerian populace.
Some policies and their criticisms and economic effects
He said the removal of fuel subsidy immediately, and the adoption of floating exchange rate, which means that the Naira can actually move up and down depending on market forces, has taken out resources from overwhelmed and ailing citizens.
He claims that all these policy measures served to raise the price of almost all consumer goods and services in the country, especially making life harder for the B series.
Some suggestions on economic reforms
In its statement, the MBF encouraged Tinubu to ensure proper rollout of the CNG programme before dismantling fuel subsidies.
Taking a cue from Pogu’s suggestion, if Nigerians could have the cheapest and easily accessible CNG in the country as an option to petrol, then Nigerians should be able to do something about the constant skyrocketing of fuel price in the country.
The MBF then ended with a word to Tinubu to change strategies or seek the advise of wise economic experts lest he overburden the economy further.
The forum’s concerns constitute increasing pressures for an equitable solution that will address instead of compound economic difficulties for the Nigerian populace.
