Olisa Agbakoba, the former President of the Nigerian Bar Association (NBA), has called upon the administration of President Bola Tinubu to implement institutional measures to address the economic challenges confronting Nigerians.
In an interview on Tuesday, Agbakoba emphasized that subsidies are a global practice and suggested that President Tinubu’s government has reintroduced fuel subsidies without public disclosure.
Advocating for institutional palliatives over personal ones, Agbakoba proposed a comprehensive approach, including the elimination of the 3.5% diesel tax and the temporary abolition of school fees, especially for students across all 36 states.
He urged the government to recognize the widespread suffering in the country and asserted that economic policies should prioritize the empowerment and well-being of Nigerians. According to Agbakoba, economic policy should not solely focus on GDP growth but rather on creating a suite of institutional benefits to improve the lives of citizens.
Agbakoba pointed out that, based on international fuel prices, the cost should range from 1000 to 1100, whereas the current prices in Nigeria range from 600 to 700. He suggested promoting local fuel production, selling the refineries, and allowing indigenous owners of modular refineries to participate in the industry.
In conclusion, Agbakoba urged the government to embrace transparency and encourage local production as essential steps toward alleviating economic challenges in the country.