I support removal of petrol subsidy and welcome the liberalisation and commercialisation of Nigerian oil refineries. However, I noticed that the excruciating effect on Nigerians is too much and I feel that the Federal Government (FG) has to intervene quickly as the masses are becoming highly frustrated by high prices of goods and services as the cost of transportation has escalated beyond expectation. My advice is as follows:
The FG should lower the price of petrol at some designated NNPC retail petrol stations across Nigeria as part of the palliatives to cushion the excruciating effects of recent removal of petroleum subsidy, at least for a while.
The government should restrict sales and purchase of dollar or any other currency to commercial banks of Nigeria. All Bureaus De Change should be closed.
The FG should make laws to ensure that no transaction in Nigeria is denominated in foreign currency except with approval of the Central Bank of Nigeria for some specific projects or contracts.
It should sell or concede out all government-owned refineries to interested international oil companies in Nigeria that have the requisite experience and wherewithal to commence production of refined petroleum products within six months.
Oil theft and vandalism of oil pipelines and other facilities both onshore and offshore must stop, while government must prosecute to the point of conviction all criminals involved in oil bunkering and economic sabotage in the oil sector under the law.
The FG can rehabilitate the operators of illegal refineries in Niger Delta, train and offer them amnesty, support and grant license to operate modular petroleum oil refineries that would be regulated by Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The government should make medical services free in all government owned hospitals across Nigeria and pay WAEC and JAMB fees for all senior secondary students and if possible, waive all tuitions and fees in all public secondary and primary schools.
It should increase minimum wage to at least N100,000 and encourage private sector and state governments to do likewise. The FG does not have to make cash transfer to people that we cannot easily identify and monitor.
There must be monetary and fiscal interventions in the economy from time to time to ensure that the naira to dollar rate does not go beyond a predetermined range like N600 / 1 USD. We cannot afford to leave our currency in limbo and to the dictates of market forces alone. We must protect the valuation of our national currency as much as possible.
Sustain the Cashless Policy of the Government and extend it to Dollar or any other foreign currency. Government should discourage anyone from keeping dollar or any other currency outside the banks.
Funds can be loaned to investors in private oil refineries and downstream operators, exporters of goods and services, rail and land transporters at interest rate not more than 10% per annum through commercial banks. Transporters can approach their banks and access this type of facilities to buy tricycles, taxis, buses and trucks that can ease the cost of transportation in the country. The funds meant to be distributed to people should be used for this, increase our foreign reserve through exportation of goods and services from Nigeria, reduce importations, grow local businesses, rehabilitate our interstate roads and build more roads and rail systems. I do not support any form of cash transfer to people as that can easily be compromised by corruptions.
I hope the Government shall find my thoughts useful to address our crucial economic problems and put smiles on the faces of Nigerians.
- Ogunsanya Olugbenga Tolulope, Kaduna
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