The Former President of the Nigerian Bar Association (NBA), Olisa Agbakoba, has urged President Bola Tinubu’s administration to adopt institutional palliatives to alleviate the economic challenges facing Nigerians.
Agbakoba who made the call in an interview with AriseTV on Tuesday, said governments of other countries also pay subsidies as it is not peculiar to Nigeria alone.
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“Every government in the world does subsidies, actually, right now, President Tinubu has introduced or reintroduced subsidy for fuel consumption without telling us,” Agbakoba said.
He said that he prefers institutional palliatives over personal palliatives because they are more targeted and effective.
Agbakoba noted that a comprehensive approach to institutional palliatives includes initiatives like removing the 3.5% diesel tax and abolishing school fees for a specified period, particularly for schoolchildren across 36 states.
According to him, the government should, first of all, realise that there is great suffering in the country and that economic policy should be designed for the empowerment and securing of the lives of Nigerians.
The former NBA president stated that economic policy is not about GDP growth but about creating a packet of institutional benefits that will make the lives of Nigerians better.
Agbakoba said that applying international fuel prices should result in a cost range of 1000 to 1100, but the current prices in Nigeria stand at 600 to 700.
The former NBA president stated that the government should encourage local production of fuel and sell the refineries, adding that the government ought to permit indigenous owners of modular refineries to join the team.
“So let’s stop all the hypocrisy. Let’s encourage local production. Let’s sell the refineries the four refineries let’s allow the indigenous owners of modular refineries to come on board did I did the one on the one television saying that they can produce between 50 and 100,000,” Agbakoba said.
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