Political economist, Professor Pat Utomi , on Thursday, advocated for the reinstatement of subsidies on petroleum products amid the current fuel scarcity and rising petrol prices.
Speaking on Channels Television's Politics Today, Utomi emphasised the importance of subsidizing essential commodities that rely on fuel. The first step is to identify the critical needs that Nigerians use fuel for. I would subsidise those areas, he stated.
He further explained, Subsidies exist globally, like in the U.S., where agriculture is subsidized. It's about targeting the right sectors.
Nigeria has been grappling with inflation and rising living costs following the governments removal of fuel subsidies and the liberalisation of the naira. Since the subsidy removal by President Bola Tinubu , fuel prices have surged, significantly impacting food and transport expenses.
During the interview, Utomi criticised the country's political elite for the hardships facing Nigerians. Nigeria's political class is responsible for the suffering. They have consistently failed the nation, he remarked.
