…Says Mass Hardship Worsening Despite Rising Allocations
Daud Olatunji
A retired Permanent Secretary in Ogun State, Mr. Sefiu Rasheed, has urged the Federal Government to urgently reassess its current economic strategy, warning that the gains from the removal of fuel subsidies are not translating into real benefits for ordinary Nigerians.
In a strongly worded critique titled “Reassessing Economic Strategies: A Call to Action for the Federal Government of Nigeria”, Rasheed said that while the withdrawal of fuel subsidies has boosted revenue allocations to states, the resultant funds are being channeled into mega projects that have little or no immediate impact on the welfare of the masses.
According to him, Ogun State’s allocation, for instance, has witnessed a 66.3% increase, rising to an average of ₦6.7 billion monthly.
However, he lamented that this windfall has done little to cushion the effects of soaring inflation and rising cost of living.
“The removal of subsidy was a bold and commendable decision,” Rasheed noted, “but the way the gains are being applied is deeply disappointing.
He added that the focus on long-term infrastructure projects, while important, has left many Nigerians in the lurch, struggling daily with escalating prices and stagnant incomes.
He argued that the current laissez-faire approach to fuel pricing and foreign exchange is contributing to “excruciating inflation” and “unbearable hardship,” especially for low-income earners who form the majority of the population.
Rasheed recommended a more people-centered economic model that would see a reasonable percentage of the increased revenue redirected to reduce fuel prices and stabilize the naira.
“The Federal Government must reassess its economic direction to ensure that the removal of subsidies delivers tangible relief to the masses,” he said.
He called for deliberate policies that would channel part of the revenue gains toward direct social welfare interventions, stabilization of the exchange rate, and fuel price regulation to alleviate the growing hardship across the country.
“The time to act is now. Delayed action will only deepen the suffering and widen the gap between the rich and the poor,” Rasheed warned.
His intervention comes as public discontent grows over the worsening economic situation despite government assurances that subsidy removal would eventually benefit all Nigerians.
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