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Group urges Tinubu to bring back fuel subsidy amidst Naira fall

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President Bola Ahmed Tinubu is being urged by the No Justice, No Peace Initiative group to consider reinstating the fuel subsidy, citing that it’s only government officials benefiting from its removal, neglecting the masses.

In a statement released on Tuesday and made available to NewsNow, the National Coordinator of the group, Comr. (Amb.) Derrick Oritsematosan Agberen, emphasized the need for local refining and supply of fuel products to complement the removal of subsidy, which he believed was a positive step.

Agberen expressed concerns over the significant depreciation of the Naira against the dollar and advocated for the adoption of modular refineries as a less capital-intensive and market-demand adaptable solution.

Highlighting the plight of Nigeria’s inability to meet its petroleum products’ demands and its reliance on importation due to non-functional government-owned refineries, Agberen attributed the country’s economic struggles, including the weakening Naira, to corruption within the system.

Suggesting that President Tinubu’s administration should issue licenses to capable modular refineries for local crude oil refining, Agberen believed this strategy could boost energy production, GDP, forex reserves, create jobs, and foster rural development.

He stressed that stabilizing and enhancing the economy is imperative for the Naira’s recovery and competitiveness against the dollar, which currently dictates the pricing of goods and services in local markets, rendering the Naira ineffective.

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