Subsidy gains erroneously applied, ex-ochun perm sec tells FG

…Says the worsening of mass difficulties despite the increase in allocations

Daud Olatunji

A retired permanent secretary in the state of Ogun, Mr. Sefiu Rasheed, he urged the Federal Government to urgently re -evaluate his current economic strategy, warning that the earnings from the removal of subsidies for fuel are not translating into real benefits for ordinary Nigerians.

In a highly formulated criticism entitled “re -evaluate the economic strategies: an invitation to action for the federal government of Nigeria”, Rasheed said that while the withdrawal of fuel subsidies has increased the allochi of revenue to states, the resulting funds are channeled into mega projects that have an immediate impact on the well -being of the masses.

According to him, the allocation of the state of Ogun, for example, witnessed an increase of 66.3%, increasing on average of ₦ 6.7 billion for monthly years.

However, he complained that this manna did very little to cushion the effects of surgery and the increase in the cost of living.

“The removal of the subsidy was a bold and commendable decision”, observed Rasheed, “but the way the earnings are applied is deeply disappointing.

He added that attention on long -term infrastructure projects, although important, left many Nigerians in the beat, fighting daily with growing prices and stagnant income.

He claimed that the current Laissez-Faire approach to fuel prices and changes is contributing to “thriving inflatation” and “unbearable difficulties”, in particular for low-income gains that form most of the population.

Rasheed recommended a economic model focused on people who would see a reasonable percentage of the increase in redirected revenue to reduce fuel prices and stabilize naira.

“The federal government must re -evaluate its economic direction to ensure that the removal of subsidies provides a tangible relief to the masses,” he said.

He asked for deliberated policies that channeled part of the revenue gains towards direct interventions of social well -being, stabilization of the exchange rate and regulation of fuel prices to alleviate the growing difficulties across the country.

“The time to act is now. The delayed action will deepen the suffering and expand the gap between the rich and the poor,” Rasheed warned.

His intervention comes when public discontent grows for the worsening of the economic situation despite the insurance of the government that the removal of subsidies would eventually be benefited from all the Nigerians.

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