Professor Sebastian Uremadu, an expert in banking, finance, and financial economics, has urged the Federal Government to swiftly restore the petroleum subsidy and eliminate multiple taxes. He believes these measures can avert the impending nationwide protests.
In an interview with DAILY POST in Umuahia on Saturday, Professor Uremadu criticized the removal of the fuel subsidy, attributing the significant rise in food and service prices since the May 29, 2023 announcement to this policy change.
The Michael Okpara University of Agriculture, Umudike professor, noted that many Nigerians are currently experiencing hunger. He suggested that reinstating the fuel subsidy and removing multiple taxes on goods and services by August 1 would be the best way to dissuade people from joining the proposed protests.
While acknowledging President Bola Tinubu’s accomplishments in nation-building, especially the signing of the South East Development Commission (SEDC), Uremadu emphasized that economic stability in the country depends on the proper management of a restored fuel subsidy by a Federal government economic committee.
“I urge my dear President to align with the voice of the people by restoring the fuel subsidy and removing multiple taxes that are diminishing disposable incomes. We must avoid the negative impacts of protests like those in Kenya and protect our dignity, security, and lives,” Uremadu appealed.
He also supported the Ohanaeze Ndigbo’s advice for Igbos to refrain from participating in the nationwide protests, warning that hoodlums might exploit the situation to create more chaos in the South East. Additionally, he expressed his condolences for the late Emmanuel Iwuanyanwu.
Professor Uremadu praised South South leaders for their patriotic efforts in the socio-economic development of their region and urged South East leaders to use the recently signed SEDC to transform their zone.
Rejecting allegations that Mr. Peter Obi is behind the planned protests, Uremadu cautioned against reducing the issue to religious and tribal sentiments. He also called on African leaders to emulate U.S. President Joe Biden by respecting the popular will of the people.
