The former Chairman Ikeja Local Government, Hon. Wale Odunlami, has suggested solutions to the current economic crisis in the country.
He said reducing cost of petroleum products by 50 percent, reduction in prices of food commodities,among others would address the current economic woes.
Odunlami, who praised the bold steps being undertaken by President Bola Ahmed Tinubu, such as the removal of petroleum subsidy, floating of the naira and unification of the exchange rates, said the impact has not been felt by the masses.
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He said the President has been able to raise the monthly allocation to the three tiers of government – Federal, state and local government areas – by about 70 – 80% almost double in some cases since June 2023.
He said: “Halt this largesse being passed on to sub-nationals through monthly FAAC allocations and use the savings/accruals for direct intervention to reduce the prices of petroleum products by 50 percent and mandatorily reduce cost of transportation by half. This will bring a big relieve to the masses of this country. It should lead to a positive downward reduction in prices of goods and commodities generally.
There should also be direct intervention in supporting agriculture and reducing the prices of essential food commodities by 50 percent rather than relying on the sub-nationals to do this, Ditto for cost of pharmaceuticals and essential construction industry materials like cement, iron rods etc. Also put a lid on increases in tuition fees in tertiary Institutions.
On the forex crisis, he urged the CBN Governor Olayemi Cardoso to focus on reduction of demand pressures, frivolous imports of petty items; limit travels and tours, reduce medical tourism among others.
“The Central Bank of Nigeria (CBN) has been battling profusely to increase the supply to the system. But no focus is being placed on stemming or reducing demand pressures,” he added.