The National Publicity Secretary of Afenifere, Justice Faloye has alleged that President Bola Tinubu in his manifesto had promised not to remove fuel subsidy until Nigerian Refineries are established. He lamented over how the present administration has failed to address the economic crisis.
He argued that the government is pushing free market principles which he believes does not apply in Nigeria’s case. He highlighted the government’s monopoly over foreign exchange supply, controlling over 80%, and how this affects the value of the naira. He suggested that increasing foreign exchange supply by 300% would lead to a 200% decrease in the dollar’s value to the Naira. He emphasized that the government’s decisions should prioritize the country’s economic well-being, rather than adhering to foreign institutions’ free market principles that may not be suitable for Nigeria’s unique situation.
He said in an interview with Arise TV From 6:25, ”Logic shows that there was a way that the government should have resolved this economic problems. In Tinubu’s manifesto on page 34, he said he would not remove Subsidy until refineries come up. Now if you are coming up with the foreign institutions pushing free market principles which don’t apply. Because in the first place, you are the monopolist supplier of foreign exchange in Nigeria and you supply over 80%.
So the value of Nigeria indirectly is tied to you but it depends on how much you supply. If you increase the supply by 300% today definitely the dollar will fall to at least 200%. Same thing with the petrol, the government is the one with the major control. So if you do something against our National economic interest, then it is tantamount to economic treason.”….S££ _ MOR£