Subsidy removal will increase hardship – Abdulqadir

By Favour Aliyu   The federal government has been urged to not increase the hardship index of the country with its planned removal of fuel subsidies. The founder and president of Moahz Group of Companies, Dr. Ojo Abdulqadir, who gave the advice noted that an increase in fuel prices would translate directly to an increased […]

By Favour Aliyu

 

The federal government has been urged to not increase the hardship index of the country with its planned removal of fuel subsidies. The founder and president of Moahz Group of Companies, Dr. Ojo Abdulqadir, who gave the advice noted that an increase in fuel prices would translate directly to an increased cost of survival for Nigerians.

He noted that the furore over fuel subsidy should be strategically deployed to avoid panic and diffuse all agitations from the stakeholders that are acutely affected, pointing out that the negative effects will surely outweigh the positive.

Abdulqadir said the cost of transportation across the country will skyrocket, the cost of food and other things connected therewith would be hiked, hence a spiral effect on the living standard of the populace. According to him, the suffering of Nigerians will be multi-dimensional, which may eventually result in revolts and protests across the states.

He said: “This issue of petroleum subsidy removal, I believe, should be strategically deployed to avoid panic and diffuse all agitations from the stakeholders that are acutely affected.

“Yes, there have been initiatives and interventions to defray the impending shock of subsidy removal, but are these solutions being deployed on their merits?

“The CBN gas intervention fund has been touted by the handlers since its roll-out… the potential for this program is yet unmet, as there are still no commercially viable alternatives to allow the market forces achieve proper equilibrium when petrol subsidy is totally removed.

“All of that shock is transferred directly to the masses, hence the resultant agitation and panic.

“In my opinion, the government should not in right judgment increase the hardship index of the country as an increase in fuel prices translates directly to increased cost of survival in Nigeria.”