Get Guardian on GoogleAustralia-Based Nigerian publisher of 9News Nigeria and CEO of Nine Communications Nigeria Limited, Obinna Ejianya, yesterday, appealed to President Bola Tinubu to restore the fuel subsidy as a necessary measure to alleviate the raging economic hardships faced by Nigerians.
In a statement, Ejianya said it has become necessary for the government to reduce fuel prices to stimulate the economy and provide relief to citizens, who are grappling with high cost of living.
He lamented that the present cost of living has risen beyond affordable levels due to the removal of the fuel subsidy. Ejianya acknowledged the various economic policies being implemented by the Tinubu’s administration, stating that the measures would be ineffective without addressing the sharp increase in fuel prices, which according to him, is the critical driver of both the Nigerian and global economies.
He said: “Neglecting fuel subsidies while pursuing other policies is akin to putting the cart before the horse, and could lead to economic stagnation.”
Ejianya explained that the Nigerian economy heavily relies on fuel, with many sectors dependent on it for production. An increase in fuel prices, he emphasised, could have catastrophic consequences for the economy, overshadowing any benefits from other policies.
