Use subsidy gains to revamp refineries, ex-IYC president urges Tinubu

Udengs Eradiri wants Nigeria’s fuel subsidy savings redirected into refineries and local governments rather than used to revive the subsidy system.

The former president of the Ijaw Youth Council Worldwide rejected former Vice President Atiku Abubakar’s proposal to restore fuel subsidies. He said the policy had failed to achieve its stated purpose of easing pressure on Nigerians.

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I disagree with former Vice-President Atiku Abubakar’s proposal to return fuel subsidy. I think that the intended objective of having the fuel subsidy in the first place was not achieved, as it failed to bring succour to the people.

“I disagree with former Vice-President Atiku Abubakar’s proposal to return fuel subsidy. I think that the intended objective of having the fuel subsidy in the first place was not achieved, as it failed to bring succour to the people,” Eradiri said.

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I welcome the move by the President to ensure that all our refineries are performing at full capacity. He should direct the Petroleum Minister to relocate to the areas where our refineries are located and give them a timeframe to make them work.

He urged Tinubu’s government to bring all state-owned refineries to full capacity. Eradiri said the president should direct the petroleum minister to work from refinery locations and set deadlines for getting them operating. He also proposed a separate Ministry of Refineries to focus on obstacles facing the facilities.

Eradiri argued that higher domestic petrol production would create excess supply, lower fuel prices and eventually reduce the cost of goods and services. He also accused most state governors of frustrating economic reforms by refusing to implement the Supreme Court judgment on local government autonomy.

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The essence of getting the refineries to work is to create excess supply of petrol that will force down the prices to create a spiral effect on goods and services. That is where the common man will benefit.

He called on the federal government to ensure that local governments operate as an independent tier, with allocations paid directly to them. He further proposed that the Independent National Electoral Commission take responsibility for local government elections.

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The gains of the ongoing economic reforms by the President seem to be frustrated by the governors, the majority of whom have refused to implement the Supreme Court judgment on local government autonomy.