- Suggests Ways to Cushion Pains of High Price of Fuel
By Shola Fadeyi
The immediate past National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu has advised President Bola Ahmed Tinubu to reduce political office holders salaries and emoluments by 50 per cent, as part of their own sacrifice towards the success of the removal of fuel Subsidy.
Shittu who said this, in an exclusive interview with Marine and Economy Magazine, during which he commented on other issues in the maritime sector and the economy , added that the reduction of such personnel’s salaries and emoluments, will be their share of the temporary pains that Nigerians is already experiencing , as a result of the stoppage of subsidy on fuel.
The ANLCA former President explained that the step would also make it possible, for the new administration to have access to more funds to prosecute its various programmes, invest more in the private sector ,and enhance the development of the economy .
He disclosed that contrary to certain opinion , President Tinubu had no option , other than to announce, as he did during his inaugural speech, that the fuel subsidy cannot continue , adding that he was only stating the obvious ,based on a decision that has already been made by the previous administration of President Muhammadu Buhari.
The respected Customs broker, stated that any other person in the position of the current President would have towed the line he took, because all the three major Presidential candidates in the last election, have already said that fuel subsidy must stop , while no budgetary provision was made for that purpose beyond June 2023.
Shittu pointed out that the pains that are being experienced by Nigerians now, would lead to gains later, pointing out that the issue of very high increase in pump price of fuel, immediately after the President’s speech on Monday, was due to the gullibility of the petrol marketers and to ensure that they have adequate cash to be able to purchase fresh stock at the current high price.
The former ANLCA President , said the President should not be blamed for a decision that has been taken , before he came into office, adding that he could not have adopted a contrary approach, because , there was no way he could have gotten the funds , which was not provided for in the 2023 budget, even if he had wanted to continue with the subsidy regime.
He stated that now that the new President has mapped out his administration’s reform agenda , in the areas of public finance, infrastructure and security, human capital, public sector and economy , Nigerians should be patient with him, to see how investments would be made with the funds that have been saved from the subsidy, for purpose of improvement.
Shittu disclosed that, for instance, in the area of security, the President may need to buy additional equipment for the Armed Forces , or even recruit more personnel for them, among other measures , adding that the new administration should at least be given the next 100 days to know the direction it is headed.
He said in order to survive the current pains which the subsidy removal is engendering, there would be a need for most Nigerians to reorder their priorities, change their lifestyles and avoid wasteful spending.
According to him, as done abroad , where many have to go for fuel efficient small cars and forgo their V8 SUVs, or four or five people from the same area going the same direction, deciding to travel together in a car ,as part of measures to save cost of fuel, Nigerians must also learn to imbibe this culture .
Shittu said as part of lifestyle adjustment, many would also need to abandon their cars and take public transport or Okadas, a development he stated of course , has its negative consequence, as some may end up in hospital, due to broken legs, pointing out that it is all part of the sacrifices of the subsidy removal.
Shittu, who is also, the Committee Chairman of the Nigerian Port Process Manual (NPPM) , which the Nigerian Shippers’ Council is the lead implementation Agency of the scheme, said the fuel subsidy removal will entrench discipline in Nigerians style of living, as it would curb frivolous spending, such as lavish spending at parties, among others.
He said subsidy, while it lasted, has been funding the extravagant lifestyle of the rich who have been the major beneficiary, while it has contributed to stunting Nigeria’s economic development, for the fact that the resources that would have been used in other sectors of the economy, have been invested on it.
