Prominent Nigerian legal expert, Prof. Itse Sagay, has expressed his opinion that President Bola Tinubu should have delayed the removal of subsidy on Premium Motor Spirit (PMS), commonly known as petrol, for six months after assuming office.
During a discussion on the future of Nigeria, Sagay, who served as the Chairman of the Presidential Advisory Committee Against Corruption (PACAC) from 2015 to 2023, shared his views as a guest on Inside Sources with Laolu Akande, which aired on Channels Television last Friday.
The senior advocate highlighted that the abrupt decision to remove petrol subsidy in President Tinubu’s inaugural speech on May 29, 2023, has resulted in significant hardship.
He suggested that the administration should have waited until local production of petrol commenced before eliminating the subsidy on this essential commodity.
“Petrol is critical to our lives. The cost of living is going up, and basic living is now expensive. I think we might have gone on for another six months, and as internal production was coming up, then the subsidy can be removed,” he said.
Continuing, Sagay said, “The immediacy and the sudden manner of the decision to remove petrol subsidy has created an immediate level of hardship which is almost becoming unbearable.”
“I am not in full agreement with the way and order some of the things are being done now. On the issue of petrol, I would have been happier if the government had been patient to allow internal production to commence before removing the subsidy.
“Now, Dangote is now producing. And of course, the refinery in Port Harcourt is almost ready. Perhaps, if we had waited a little longer, the transition will not have been harsh. We are in it already but I think we are in competent hands and we will get out of it.
“We’ve been on this subsidy for decades and a few more months would not have killed us. You can see the difference in lifestyle now.”
Sagay further emphasized the need to halt the decline in the worth of the Nigerian currency, the naira.
He said, “I never dreamt that there would be a time when the dollar would change for over N1,000 to a dollar. It has to stop, otherwise, it will destroy everything that the government is trying to do.”
The experienced attorney, on the other hand, conveyed optimism in the fresh administration and its capacity to offer exemplary guidance for the citizens of Nigeria.
“They are people who know what they are doing. I have faith in them and I believe that as time goes on, the pressure on Nigerians will ease, hardship will decrease and we will be in a much better position that we are in now,” he said.
