•Why restructuring is not part of Tinubu’s policy nowAfter coming under criticisms for demanding a media blackout on the Chicago State University, CSU, certificate saga of President Bola Tinubu pending the Supreme Court decision on the matter, former President of Nigeria Bar Association, NBA, Dr. Olisa Agbakoba, SAN, bares his mind on a number of issues bothering on the socio-economic, dollar dominated economy, offering ideas on how to reduce the price of petrol to N300.
One is the issue of the removal of subsidies, and another is the exchange control issue. How he handles them will depend on his skills as a pilot. But the climbing is very difficult. What is obvious is that Nigerians have to go through a very tough time. It has been the toughest time in the history of this country since independence, as garri, rice, vegetables, and other staple foods are way out of the reach of the common man.Reduce excessive powers of president, govs — Nigerians on how to deepen democracyIt is important that the unsettled issue of the Supreme Court be decided so that we can put it behind us.
That is when we put the Supreme Court decision behind us. There is no question that the political climate is in turmoil. In view of the expectations of all the political parties with respect to the decision of the Supreme Court, that will cause a major headway. That is why I made the innocent statement that lawyers should not go to television stations and begin to make comments and quote laws as if the television stations were the courts of law.
I can give an idea of how to reduce the price of PMS today by half. To achieve that, NNPC should sell crude to many modular refineries in the country at a naira price. Why should NNPC sell our crude oil to Nigerian modular refineries in dollars? We must set aside a national crude oil scheme for local consumption.
That is not a subsidy; rather, it is a national government decision to set aside a domestic crude reserve of between 400,000 and 500,000 metric tons for local consumption and to be sold locally. What is your take on so many appointments of President Tinubu vis-à-vis the quest to reduce cost of governance?
Five months after the removal of subsidies and other tough government policies, the so-much talked-about palliatives are not getting to the most vulnerable, and most state governments are not any better in the management of palliatives. Why can’t we just do anything right? You will see that that is the most effective palliative. But when you are targeting a palliative of N7,000 to N20,000, how would you determine whether people get it or not? So, I am more for institution palliatives, which will be far more expensive than money palliatives.