It is commonly said among the Yoruba that where two elephants engage in battle, the green grass under them will suffer immensely. Subsidy removal from Premium Motor Spirit (PMS) will definitely inflict much pains on everyone in the country.
The fact cannot be overstated that people are yet to recover from the CBN’s cash crunch policy that actually subjected everyone to a state of limbo for almost three months! Realistically speaking, there is no palliative measure from the Federal Government that can alleviate poverty in the country when fuel subsidy is removed.
The proposed $800 million loan from the World Bank should be prudently spent on resuscitation of the collapsed refineries in the country. The functionality of these refineries will surely create job opportunities for young school leavers across the country.
Apparently, the Federal Government’s indebtedness to the World Bank has reached a crescendo! The truth of the matter is that there is nothing wrong in obtaining loans from the World Bank, but such loans should be judiciously expended on investments that will boost the economy of the country, such that even posterity will also benefit from it.
The president elect, Senator Bola Tinubu, should prioritise the resuscitation of the abandoned refineries across the country rather than dishing out palliatives measure to the masses when he comes on board.
- Rev. M.O Oladimeji, Ibadan.
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