Nigeria’s Fuel Subsidy Debate: Former Presidential Spokesperson Weighs In
In a recent interview, Dr. Doyin Okupe, a former presidential spokesperson, expressed his disagreement with business magnate Alhaji Aliko Dangote’s call for the complete removal of fuel subsidy in Nigeria. Okupe believes that while Dangote’s refinery is a significant step forward, the government should provide some level of succour to Nigerians by allocating a portion of the daily crude oil for local consumption.
According to Okupe, the allocation of 450,000 barrels a day for local consumption would enable Nigeria to combine the advantage of local production with local consumption and determine the price to sell crude to local refineries. This, he argues, would bring relief, comfort, and succour to the masses. Okupe also believes that ending the importation of petroleum products would reduce the tension and pressure on foreign exchange demand by 40 per cent, giving economic oxygen to Nigerian people and encouraging enterprises and local businesses.
Okupe commended President Bola Tinubu’s administration for its bold step on fuel subsidy, describing it as excellent and commendable. He praised the President’s courage in removing subsidies and eliminating multiple exchange rates, saying that the reforms have taken root in the economic system.
Okupe’s comments come as Nigeria’s fuel subsidy debate continues to rage on. While some argue that the subsidy is a necessary evil to keep prices low, others believe that it is a burden on the government and a hindrance to economic growth. With the country’s refineries set to come online, the debate is likely to continue, with Okupe’s views providing a fresh perspective on the issue.
As Nigeria navigates its economic challenges, the fuel subsidy debate will be closely watched by both local and international observers. With the country’s refineries set to come online, the debate is likely to continue, with Okupe’s views providing a fresh perspective on the issue.
