Reducing fuel prices will stabilise naira, economy – Publisher


The publisher of 9NewsNigeria, Mr Obinna Ejianya, Thursday, urged the federal government to prioritise reducing fuel prices to a minimum until reliable electricity is available to power production to a greater extent.

Mr Ejianya, in a statement, declared that this became necessary to stabilise the Naira and the economy, saying: “It is pertinent to take that into account, with the high cost of fuel in Nigeria.

“The economy will continue to do badly and the Naira value will continue to nose-dive, considering that every aspect of foreign exchange rate indicator is directly or indirectly linked to the local production of goods and services, and so long as the cost of production and distribution is high, the GDP will be very poor.”

He stressed that, it is essential for the Bola Ahmed Tinubu-led government to officially announce the annulment of the fuel subsidy removal. 

“This step would create transparency, reduce fuel prices, and alleviate the toxic economic atmosphere in Nigeria. It is without any doubt that President Tinubu’s government is committed to implementing economic reforms aimed at improving the lives of Nigerians who are already choking to death by the harsh economic hardship that has hitherto engulfed the country”, he said.

Continuing, he said, “It is crucial to prioritize and address certain fundamental issues to achieve meaningful progress. One of these issues is the removal of the fuel subsidy, which continues to haunt, hurt, and hinder the Nigerian economy.

“Although there are ostensible claims that the government has been compensating for the removal of the subsidy, paying secrete monies to make up for the subsidy, this approach only exacerbates the situation due to widespread corruption. Subsidising fuel through clandestine or shady means only benefits corrupt individuals and further burdens the people unendingly.”