Restore fuel subsidy to prevent nationwide protests – Don, Uremadu advise FG

Professor Sebastian Uremadu, a professor of banking, finance and financial economics, has advised the federal government to urgently announce the reinstatement of oil subsidies and the abolition of multiple taxes, which he said would avert the looming nationwide protests.

Professor Uremadu, who stated this during an interview with DAILY POST in Umuahia on Saturday, reiterated his criticism of the abolition of fuel subsidy, blaming the May 29, 2023 ruling for the astronomical increase in the prices of foodstuffs and other services in the country.

The political economy analyst, based at the Michael Okpara University of Agriculture in Umudike, noted that many Nigerians are currently going hungry. According to him, the best way to deter them from participating in the proposed protest is to reinstate fuel subsidies and abolish multiple taxes on goods and services before August 1.

While Uremadu acknowledged that President Bola Tinubu has recorded several successes in country building, particularly with the signing of the South East Development Commission (SEDC), he noted that there may be no economic stability in the country unless fuel subsidies are restored and properly managed by a Federal Government Economic Committee.

“I urge my beloved President to join the voice of the people by restoring fuel subsidies and abolishing the multiple taxes that render disposable income useless.

“The negative effects of protests in Kenya should not happen in Nigeria. Our dignity, security and lives should not be affected,” Uremadu urged.

He, however, supported the advice of the Ohanaeze Ndigbo that Igbos should not participate in the nationwide protest, saying hoodlums could hijack the protest to further chaos in the South-East, even as he mourned the death of Emmanuel Iwuanyanwu.

The MOUAU professor also said that South-South leaders have been more patriotic in the socio-economic development of their region than those in the South-East.

He advised the leaders of the Southeast to use the recently signed SEDC to transform their zone.

Professor Uremadu dismissed claims by some that Peter Obi was the mastermind behind the planned protest, warning that the issue should not be reduced to religious and tribal sentiments.

He further urged African leaders to follow the example of US President Joe Biden and respect the will of the people.