Civil society commends Nigerians on reaction to fuel subsidy removal

The Convener, PAF, Nelson Ekujumi, said this in a statement on Saturday in Lagos.

Ekujumi commended Nigerians for their understanding on the foreign exchange unification policy, amidst falsehood and misinformation by anti-democratic elements to mislead, confuse and incite Nigerians for political capital.

He said some persons were trying to destabilise the country by peddling fake news and misinformation, over the recent rise in the pump price of Premium Motor Spirit due to market forces.

According to him, they are trying to incite and cause bad blood between the people and the government over the biting economic conditions.

”It is an indisputable fact that Nigerians across all divide have spoken in unison with one voice to commend and congratulate President Bola Tinubu for the courageous economic decision of fuel subsidy removal.

”Nigerians have also spoken in unison on the introduction of a single foreign exchange system to stop the hemorrhaging of our commonwealth and free resources for the three tiers of government to be able to deliver the dividend of democracy to our teeming masses.

”This bold economic policy of President Bola Ahmed Tinubu administration has earned it commendations not only from financial experts and bodies at home, but also from international financial experts and institutions.

”This has increased the potentials of Nigeria as investor’s haven to be sought after in the global business environment, with the attendant creation of wealth and mass employment,” he said.

Ekujumi said that the outcome of the economic policy of fuel subsidy removal though painful and inevitable to come with economic pains and hardship for all irrespective of social status, has also brought in significant gains.

He said that the fuel subsidy removal had brought in savings of over ₦400 billion in June alone, with the World Bank projecting fuel subsidy savings of ₦3.9 trillion by December 2023.

According to him, it has resulted in an increased FAAC allocation of ₦1.959 trillion, to the three tiers of government in the month of June, which is unprecedented in Nigeria’s political and economic history.

”As a result of the fuel subsidy removal and forex reforms, investors in the stock market raked in ₦5.3 trillion in the first quarter of 2023, which represented a gain of 18.9 per cent, which is the highest in 15 years.

”We are also aware that as a result of the removal of fuel subsidy, daily fuel consumption in the country has dropped drastically from 66 million litres to 40 million litres and has in a way curbed the menace of smuggling of the product, which remained intractable till now,” he said.

Ekujumi, however, called on the organised labour to drop its confrontational approach against the policy of the Bola Tinubu administration.

He urged the organised labour to apply rationality and embrace dialogue, putting national interest above any other interest.

Ekujumi commended the National Economic Council for coming up with far reaching decisions to cushion the effect of the pains of the policies on ordinary Nigerians.

He also urged the citizens to remain resolute and unwavering to holding the three tiers of government accountable on the palliatives and other measures.

Ekujumi also urged the three tiers of government to activate their information machinery for aggressive education and sensitisation of the citizenry on the fuel subsidy removal policy.

Ekujumi urged the governments to educate the citizens on their policies and programmes in order to deepen and sustain democracy in the country.