I See Light At the End Of The Tunnel As President Tinubu Drops A Listening Ear

I See Light At the End Of The Tunnel As President Tinubu Drops A Listening Ear

By Osigwe Omo-Ikirodah

Presently, the streets wear somber expressions, and the prevailing hardship caused by the removal of the fuel subsidy has left people feeling confused and disheartened. There is no denying that this is a challenging time for citizens as they grapple with the repercussions of this decision.

However, let us not overlook the potential gains amidst these trials. The removal of the fuel subsidy has compelled the Federal Government to take sincere actions in rectifying the fraudulent practices that have disadvantaged over 200 million citizens in favor of a privileged few.

This renewed focus on transparency and accountability opens doors to enhanced creativity, increased investments in renewable energy, and a surge of hardworking and intelligent endeavors from the Nigerian population, which can propel the nation to new heights of prosperity.

In response to the crisis, President Tinubu has swiftly introduced numerous measures, including declaring a state of emergency on food and establishing a food commodity exchange board to support local farmers and their produce.

These initiatives alone hold promise for a brighter future and the creation of more employment opportunities, ultimately strengthening the nation’s economic landscape.

Furthermore, investing in renewable energy sources represents a blessing in itself. By gradually reducing dependence on fossil fuels, Nigeria can pave the way for a cleaner, healthier environment with unpolluted air and contribute to global efforts in combating climate change.

Now we learn that states and the FG now have about $2 trillion in monthly revenue to share, bringing to the forefront the necessity for citizens to hold their state governors accountable, who are tasked with meeting citizens’ needs at the grassroots level.

Massive plans for infrastructure are on the way, which would further alleviate the present burden. Just yesterday, the presidency announced that:

President Bola Tinubu has approved the establishment of the Infrastructure Support Fund (ISF) for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.

The approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC) on Thursday, July 20, 2023, in Abuja.

The new Infrastructure Fund will enable the States to intervene and invest in the critical areas of Transportation, including farm-to-market road improvements; Agriculture, encompassing livestock and ranching solutions;

Health, with a focus on basic healthcare; Education, especially basic education; Power and Water Resources, that will improve economic competitiveness, create jobs, and deliver economic prosperity for Nigerians.

The Committee also resolved to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues, occasioned by the subsidy removal and exchange rate unification, on money supply, as well as inflation and the exchange rate.

Out of the June 2023 distributable revenue of 1.9 trillion Naira, only N907 billion will be distributed among the three tiers of government, while 790 billion will be saved, and the rest will be used for statutory deductions.

These savings will complement the efforts of the Infrastructure Support Fund (ISF) and other existing and planned fiscal measures, all aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.

In this period of uncertainty, it is essential to recognize that President Tinubu’s administration is not turning a deaf ear to the challenges faced by the Nigerian people.

The removal of fuel subsidies has undeniably posed difficulties, but the government’s focus on transparency and addressing long-standing issues is a beacon of hope. As we traverse this challenging road, let us keep in mind that it is paved with measures that promise a brighter and more prosperous future for all Nigerians. The light at the end of the tunnel shines ever brighter, guided by the resolve of President Tinubu’s administration to build a resilient and thriving nation.