By Olubunmi Omoogun
Narratives on how to save money meant for reviving Nigeria’s economy received a boost yesterday on the floor of the senate when a member representing Ogun West Senatorial District, Tolu Odebiyi, advised the Muhammadu Buhari Administration to quickly come out with a viable alternative to fuel subsidy and other means to save the Nigerian economy.
While commending his colleagues for moving the motion, Odebiyi noted that Nigeria has no choice but to look critically into a programme that will solve the fuel subsidy issue.
Odebiyi said: “The truth of the matter is, last year Nigeria spent more than $5b on subsidy. We have a situation where we are borrowing excessively. We have a situation where all the money we have invested has not yielded any returns, as our economy is in dire need of a boost.”
The Senator believes that if government can implement transparent and well structured reforms at removing fuel subsidy then the money can be put to far greater use.
The All Progressives Congress APC chieftain said ‘We need money to pay the new minimum wage, we are only lucky to still have oil price at $66 per barrel or there about thanks to the stability in the gulf but if there is a major shock tomorrow and we experience a drop in oil price we might be in big trouble’.
The government should have a credible plan to quickly implement post subsidy programs in order for our people to benefit more from the social and infrastructural amenities being planned by the government.