Fuel Hike/Economy Revival: Makinde suggests palliative measures

A chieftain of the All Progressives Congress (APC), one-time top shot of NNPC and former member of the House of Representatives Hon. Rotimi Makinde, who is also an accountant, has said the economy is bitting harder and that it truly requires urgent and diligent intervention to ameliorate the situation.

According to the former lawmaker, the distribution of physical cash as being peddled can only worsen the already nose dived economy. In his word, targeting grassroots to touch every citizen of this country is the best and most meaningful way.

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“The new government is in the right direction by removing subsidy, which I have always insisted as a fraud… We may suffer the pains today, but at the end of the day, we will come to appreciate the boldness step taken by Asiwaju Bola Ahmed Tinubu.” Makinde said.

However, He summarized his own suggestions as follows.

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My take on what to do on proposed palliative measure:

• Federal Government of Nigeria ( FGN) should renegotiate with all the Disco Company with intention for them to reduce tariff. Electricity will improve the economy if it is affordable.

• FGN should use its bilateral relationship to actualize direct temporary importation of petroleum products while we undertake the building of modular refineries in an accelerated manner.

• FGN should take control of all the nation depots and overhaul same.

• FGN should direct CBN to relax their policies and statutory charges on commercial banks and other financial institutions with the intention to cause a reduction of interest on all outstanding loan from zero naira to 50m naira.. Staggered interest rate.
FGN should encourage all states of the federation to embark on massive investment in transportation and to make transportation voucher available for their citizenry.

• FGN should see to the payment of all internal debt owed indigenous contractors or suppliers, especially those below 20 million naira.

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• FGN. Should accelerate action on all infrastructural development, especially on all those connecting roads across the country.

• FGN should ensure the distribution of fertilizers and agricultural equipment through the traditional setup and not the state to avoid discrimination.

• FGN should reduce taxes, which includes withholding taxes for all consumable items.
All states should, as a matter of urgency, advise all transport unions to vacate and stop collections of any union levies that transfer further burdens on commuters.