Uwaleke backs Tinubu on fuel subsidy removal
Nigeria’s first Professor of Capital Market, Uche Uwaleke has backed President Bola Tinubu on the move to remove subsidies on fuel, stressing its cost implication on the economy.
Tinubu in his inaugural address on Monday said: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.
“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”
Responding, Uwaleke said fuel subsidies have proven to be unstainable.
He also support the unification of exchange rates in the country.
He said: “I equally support unification of exchange rates because doing so will discourage round tripping, bring more transparency to the forex market which supports foreign investments.
“However, in order to minimize negative impact on the livelihoods, issues of fuel subsidy and exchange rates unification which he mentioned in the speech should be handled with care.”
He, thus, calls for stakeholders engagement in the new administration.
“To this end, I suggest an immediate constitution of an ‘economic policies’ coordinating committee’ made up of economic and finance experts,” he added.
