Former Executive Chairman, Ikeja Local Government, Mr. Wale Odunlami has stressed that President Bola Ahmed Tinubu means well for Nigeria despite the current economic hardship the country is facing.
Odunlami said the president removed the criminal petroleum subsidy and showed his generosity by deploying the savings accruing from this subsidy removal for the three levels (tiers) of Government through the monthly FAAC to relieve the citizens.
The ex-chairman said by this action, the revenue being shared by these levels of Government has risen by about 70-80% almost double in some cases since June 2023.
He said, “Meanwhile, there has been no corresponding increase in responsibility by these levels of government in terms of salaries & emoluments, first line charges and other statutory expenditure in the short run.
“So the generous funds made available to these governments is just a bonanza, a bazaar. And it is seriously being abused. The president meant well, but unfortunately, this generosity is not being felt by the citizenry.
“The economy is awash with cash, thereby contributing to inflation. This excess liquidity is being utilized to mop up dollars, while the Naira has been depreciating monthly since June 2023, with no end in sight.”
In his statement tagged ‘Matters for the attention of the President’, Odunlami urged the president to halt the largesse on to sub-nationals through monthly FAAC allocations.
“Deploy the accruing Revenue from subsidy to direct interventions on cost of energy, reduce prices of petroleum products by 50% and mandatorily reduce cost of transportation by half, direct intervention in supporting agriculture and reducing the prices of essential food commodities by 50%.
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“Ditto for cost of pharmaceuticals and essential construction of industry materials like cement, iron rods etc, ut a lid on increases in tuition fees in Tertiary Institutions including the foregoing in the short run will directly bring succour to the citizenry and the Nigerian masses in general. Non-essential capital projects can wait in the meantime. People are being advised to ask their Governors and Local Government Chairmen on the utilization of their allocations, who is going to do that, How, Where & When? Can you just imagine some Governors Joining the NLC Protest thereby making a mockery of the whole situation.
On the issue of the exchange rate, he stated that it is a matter of supply against demand.
“The CBN has been battling profusely to increase the supply of foreign Exchange to the System. But unfortunately, no focus is being placed on stemming or reducing demand pressures.
“Areas the CBN should focus on to reduce Demand Pressures are Frivolous Imports – of petty items, Frivolous Travels and Tours, Medical Tourism, Religious Tourism to Jerusalem and Saudi Arabia every year. Over two million people go to Mecca and Jerusalem every year. If we don’t go on religious pilgrimages for a year or two, will the heavens fall? as well as education tourism. Most of our children go all over the world for undergraduate courses available in Nigerian Universities.”
