By Milcah Tanimu
In light of the recent depreciation of the Naira, the No Justice, No Peace Initiative has called upon President Bola Ahmed Tinubu to reassess the removal of fuel subsidy, emphasizing that it disproportionately burdens the masses while benefiting only government officials.
National Coordinator of the group, Comr. (Amb.) Derrick Oritsematosan Agberen, underscored the necessity of complementing subsidy removal with initiatives such as local refining and supply of petroleum products.
Agberen pointed out that despite the initial step towards subsidy removal being deemed appropriate, it lacked the necessary supplementary measures, such as investing in modular refineries, which offer a less capital-intensive alternative and can adapt to market demands more efficiently.
He criticized the current situation where Nigeria exports crude oil for refining elsewhere, leading to a stronger dollar against the Naira and heightened importation costs due to corruption within the system.
Agberen urged the Tinubu-led government to grant licenses to modular refineries capable of refining crude oil, given the malfunctioning state of government-owned refineries. He highlighted the potential benefits of such action, including increased energy production, GDP growth, and job creation.
Stabilizing and revitalizing the economy, Agberen argued, is imperative for the Naira to regain strength and reduce the reliance on the dollar, thereby mitigating the rising costs of goods and services.
The group stressed the urgent need for proactive measures to address the root causes of Naira depreciation and restore economic stability, emphasizing the pivotal role of government intervention in achieving these goals.