Governor of Edo state, Godwin Nogheghase Obaseki has said that he is shocked that President Tinubu who removed the fuel subsidy has no clear plans on what to do after the removal.
The governor, said these while speaking with journalists in Benin, the state capital. He further said that now that the subsidy is gone, the exchange rate is being aligned; the exchange rate has almost come to an end, and has inflicted hardship and suffering on the people.
He said noting that the consequence is that the weakest and most vulnerable in our society, unfortunately, will carry a huge part of the burden of these policies.
“I have always warned. I warned Nigerians during the last May Day, this year. I told them that we have come to the end of the road and that the old economic order in Nigeria is gone and we have to come up with a new economic order and stop deceiving ourselves as a nation”.
“Now, the subsidy is gone; the exchange rate is being aligned. The era of free money has almost come to an end. The consequence is that the weakest and most vulnerable in our society, unfortunately, will carry a huge part of the burden of these policies.”
He continued, “I am shocked that people who campaigned around the country, saying that they will remove subsidies, had no clear plans on what to do after subsidy removal. They don’t know what to do and how to support those who will be victims of subsidy removal”.
“I am shocked and scared of what we are passing through today where the government doesn’t seem to have a plan or solution on how to respond to the consequences of the policy measure put in place by their administration.”
Obaseki added, “With the way they have mismanaged our national economy, we have to deal with inflation, between 20 and 25 percent. It means that the people will feel more pain, especially the weak and vulnerable in the society, particularly our pensioners as whatever they get as their entitlement will do only little for them.”
Reaffirming his government’s commitment to the welfare and well-being of Edo people, the governor further said, “For us in Edo State, we would not abandon you. We don’t like the word palliative because it is deceitful as we would rather use the word ‘support’. We would support those who are already victims of this policy measure.”
Recall that, Tinubu, who has embarked on some of Nigeria’s biggest reforms in decades to tackle issues including its high debt burden, ended the subsidy on May 29 during his inauguration speech. And since then petrol prices have risen to 617 naira ($0.78) per litre, the highest in the history of Africa’s largest oil producer.
The subsidy, introduced in the 1970s, had kept fuel prices cheap for decades but had become increasingly expensive, costing the government $10bn last year.