Professor of Political Economy, Pat Utomi, has called for the return of subsidy on petroleum products.
Utomi made the call as a guest in Thursday’s edition of Channels Television’s Politics Today.
“The first thing to do is to recognise essential things that Nigerians need fuel for. I will subsidise those things,” Utomi said.
“There will be a subsidy. The Americans have subsidy for Agriculture, it is a matter of where you direct it to.”
Utomi called out the political class in Nigeria, blaming them for what citizens are going through in the country.
He added, “Nigeria’s political class is responsible for the Nigerian misery. The political class has failed the country.
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“Look at the choices we have repeatedly made, look at the kind of National Assembly that we have. The political class needs to come out publicly before the country.
“In South-East Asia, people will come out and do a humiliation from what the public has suffered as a result of the irresponsibility of the political class in Nigeria.”
President Bola Tinubu’s decision to announce the removal of subsidy during his inauguration into office in 2023 has caused prices of commodities to jump over 300%.
But speaking as one of the panelists at the World Economic Forum in Riyadh, Saudi Arabia, Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world,” Tinubu said.
But speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia in April, Tinubu justified the fuel subsidy removal, positing that it was needed to reset the economy.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world,” Tinubu said.
“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”
He, however, admitted the difficulty associated with his decision and said he was convinced it was in the best interest of Nigerians.
