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 emphasized 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 subsidize 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 government’s removal of fuel subsidies and the liberalization 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 criticized 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.
He went on to say, “The decisions we’ve made, and the composition of the National Assembly, reflect this failure. In South-East Asia, leaders would face public humiliation for the kind of suffering Nigerians are enduring due to the political class’s irresponsibility.”
Utomi also noted the growing disconnect between the Nigerian people and their political leaders.