The Leader of the Senate, Senator Opeyemi Bamidele, has assured Nigerians that the economic decisions of President Bola Tinubu, which seem drastic at the moment, will in the long run pay off, News About Nigeria reports.
The Senator disclosed this while speaking with newsmen in Ekiti, on Monday, stating that the government is aware of the impact the removal of fuel subsidy has on the citizens.
He noted that removing the subsidies on fuel was the right decision, adding that it had no benefit for the masses except for the cabals in the oil and gas industry and their promoters in the government.
He maintained that the fuel subsidy was a major source of bleeding in the Nigerian economy.
Bamidele further disclosed that those who benefited from the subsidy have been fighting its removal and doing everything possible to make sure the pump price of premium motor spirit (PMS) increases, which he attributed to the fact that the Nigerian economy is more of a consumer economy, with Nigerians producing less and importing more of what is consumed in the country.
Explaining further, he noted that if the Naira is devalued either consciously or unconsciously against dollars or commodities imported to Nigeria, Nigerians will have to spend more to bring them in, which will result in the suppliers selling them at a higher rate.
According to him, it is making commodity prices out of the reach of Nigerians.
He therefore maintained his opinion that the Tinubu-led administration did the right thing by putting an end to the fuel subsidy regime.
