A group promoting the socio-economic well-being of Nigerians, Rising Child Foundation (RCF), has called on the federal government to review the existing fuel subsidy removal palliative measures to ensure transparency in the disbursement mechanisms.
The executive director of RCF, Taibat Hussain, made the call in Ilorin, Kwara State, when she unveiled the report of a research on the impact of fuel subsidy removal on Nigerians.
Hussain recommended supplementary interventions to the government, saying that could be implemented to mitigate the impacts of the subsidy removal on Nigerians.
The RFC leader also said that the research, which was conducted in partnership with the Brain Builders Youth Development Initiative (BBYDI), sought to “assess the impact of fuel subsidy removal and, more importantly, to develop data-driven practical interventions to mitigate its impact on Nigerians.” The research, according to her, was funded by LEAP Africa and the Nigeria Youths Future Fund (NYFF).
Hussain, who was represented at the event by the organisation’s Research Intern, Ruth Adeosun, said while President Bola Tinubu’s decision to stop fuel subsidy payment was essential for long-term fiscal stability and sustainable economic growth, it has triggered hardship and pains for Nigerians, particularly the vulnerable segment of the society.
She noted that her organisation’s research findings showed that majority of Nigerians being low-income earners, are finding it difficult to cope with the negative effects of the subsidy removal, ranging from rising cost of living, increased transportation costs and surge in the prices of essential commodities, stressing that the situation could lead to increased poverty levels in the country, if not properly addressed.
To mitigate the impacts of the subsidy removal on the masses, the RCF recommended that the federal government should explore innovative and cost-effective transportation solutions, prioritize job creation for the teeming unemployed youth, and establish a support system for small and medium scale businesses, offering low-interest loans, subsidies, or tax breaks to help them adapt to the new economic environment.
She equally advised the government to invest in alternative energy sources to reduce Nigerians’ dependence on generators that require fuel to power.
She said: “it is crucial for the government to explore innovative and cost-effective transportation solutions that can alleviate the burden on the population. This should include initiatives such as funding for ride-sharing programs and transport vouchers.
“Furthermore, the government should consider providing specific incentives or subsidies for public transport operators to maintain fare stability and minimize the impact on daily commuters, as well as promoting alternative modes of transportation that do not rely on fuel and increasing targeted investments in transportation infrastructure,” she said.
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