Bright Enabulele, the founder of Oduwa Blockchain Solutions, on Wednesday, June 21, 2023, addressed the criticism that greeted the recent fuel subsidy removal in Nigeria.
Recall that on Monday, May 29, 2023, during his inauguration, President Bola Ahmed Tinubu announced the removal of the fuel subsidy, emphasising that his government will not provide funds to subsidise petroleum products.
Following the announcement, petrol, which used to sell at an official rate of N185 per litre, is now being sold at a minimum price of N500 per litre in many parts of the country.
Enabulele, who spoke as the Guest Speaker at the Twitter Space programme hosted by BizWatch Nigeria, expressed the belief ‘believe ”that the removal of fuel subsidies is a bold and necessary step towards fostering economic growth, promoting sustainability, and ensuring fiscal responsibility.”
According to the economy expert, while there may be short-term challenges in adjusting to market prices, the long-term benefits far outweigh the initial discomfort.
”The removal of subsidies can also be beneficial and sustainable to the country. We can have access to loans. Fuel subsidy isn’t the problem of Nigeria, it’s inflation because supply and demand don’t match each other. Just because the government declared no subsidy, fuel stations are closing up, does it have to do with their supply? No! For me, it’s time we know why the prices of fuel and gasoline are high in Africa, especially in a state where we produce our fuel, let’s go back to building our refineries and infrastructure instead of exporting to other countries,” he added.
Enabulele, who also founded Oduwacoin, the first pan-African cryptocurrency, however, advised the President Bola Tinubu-led government to consider reducing corruption for policies to yield good results.
Noting that corruption has become a cankerworm eating up the Nigerian system, Enabulele urged the government to look into why things are expensive, the rate of inflation in the country, and why we find foreign money in our treasury.
