Professor of Political Economy, Pat Utomi, called for the reinstatement of subsidies on petroleum products amid the ongoing scarcity and significant price hikes. Utomi made this appeal during an appearance on a live TV programme on Thursday, where he discussed the challenges facing Nigerians due to the soaring fuel cost.
Utomi argued that essential commodities like fuel should be subsidized to alleviate the burden on citizens. “The first thing to do is to recognize essential things that Nigerians need fuel for. I will subsidize those things,” he stated, drawing a parallel to the subsidies provided by the U.S. government for agriculture.
Nigeria has been grappling with rising living costs following government reforms that ended fuel subsidies and liberalized the naira currency, which has led to a surge in inflation. Since President Bola Tinubu removed the subsidies, the price of petrol has more than tripled in some regions, severely impacting food and transport costs.
During the interview, Utomi criticized the political class for the hardships endured by Nigerians, stating that they bear significant responsibility for the country’s current woes. “Nigeria’s political class is responsible for the Nigerian misery. The political class has failed the country,” he said, emphasizing the poor decision-making that has repeatedly affected the nation.
Utomi also highlighted the disconnect between the political leaders and the general populace, suggesting that in other parts of the world, such as Southeast Asia, political leaders would face public accountability for such failures. He urged Nigeria’s political class to publicly acknowledge their role in the suffering of the citizens.
