Uwaleke backs Tinubu on fuel subsidy removal

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Professor of Finance and the Capital Market at the Nasarawa State University, Uche Uwaleke, has backed the removal of fuel subsidy due to its huge cost on the economy. 

Uwaleke said continued payment of subsidies by the federal government had become unsustainable.

President Bola Ahmed Tinubu during his inaugural speech at the Eagle said his government would no longer subsidise fuel. 

According to Uwaleke, “Fuel subsidies have proven to be sustainable.

“I equally support unification of exchange rates because doing so will discourage round tripping, bring more transparency to the forex market which supports foreign investments.”

To minimise the impact of the subsidies removal, Uwaleke called caution as the government goes ahead with its implementation. 

“However, in order to minimise negative impact on the livelihoods, issues of fuel subsidy and exchange rates unification which he mentioned in the speech should be handled with care.

“Stakeholder engagement is required.
“To this end, I suggest an immediate constitution of an ‘Economic policies coordinating committee’, made up of economic and finance experts,” he said.