Naira decline: Think about reintroducing gasoline subsidies the group begs Tinubu

President Bola Ahmed Tinubu has been urged by the organization No Justice, No Peace Initiative to think about reintroducing fuel subsidies.

It was emphasized that only government officials benefit from the withdrawal of subsidies, not the general public.

Comr. (Amb.) Derrick Oritsematosan Agberen, the group’s national coordinator, made the request in a signed statement that was made accessible to furucinovel on Tuesday.

The gasoline subsidy reduction, he noted, was a positive move, but “it would have been complemented with local refining and supply of the products.”

Speaking about the significant depreciation of the Naira in relation to the US dollar, Agberen expressed his opinion that modular refineries are still a viable option due to their lower capital requirements and ability to adapt to changing market conditions.

“We have refineries, but the Nigerian Federal Government does not see any justification for them to be operational in order to refine its crude oil products.

Nigeria has had to import petroleum products because it is unable to meet its own demand for them, even with a wealth of mineral resources. How slowly we have progressed, that her refined crude oil products are exported from Nigeria to strengthen the dollar against the Naira, and then they are imported back. “One major factor in all of these is corruption,” he stated.

Agberen stated that since government-owned refineries are not operating, the President Tinubu-led Federal Government ought to think about licensing modular refineries with the ability to process crude oil.

It can support our GDP and foreign exchange reserves in addition to producing more energy. In turn, this will strengthen the Naira, lower the price of goods and services, and promote rural development and employment in Nigeria. The demands of the dollar cannot be decreased until these steps are taken into account and implemented, he continued.

In addition, he stated that the government must immediately stabilize and improve the economy in order for Naira to be accepted and valued.

“This is because the free fall of the Naira determines the rise in the cost of goods and services, and the Naira has definitely become useless due to the use of Dollar in her local markets,” he said.