Subsidy removal and floating Naira has worsened Nigeria’s economy — Ex-PDP spokesman OLOGBONDIYAN

Tuesday, November 26, 2024 -Former spokesperson for the Peoples Democratic Party (PDP), Kola Ologbondiyan, has criticized the policies of President Bola Tinubu’s administration, claiming that the removal of fuel subsidy and the floating of the naira have significantly worsened Nigeria’s economic condition.

Speaking as a special guest on Channels Television’s The Morning Brief on Monday, November 25, Ologbondiyan argued that a phased removal of the fuel subsidy, coupled with meaningful palliatives, would have mitigated the economic hardship currently facing Nigerians.

“Basically, I as Kola Ologbodiyan, subscribe to the ideas as laid down by the original founders of the party,” he said.

“For instance, let’s take the issue of the removal of subsidy, because what has brought Nigeria to its knees has been these two major decisions made by President Bola Tinubu, particularly on the subsidy and removal of the naira.

“But under the PDP leadership in the time past—I am aware that what we had was a phased subsidy removal, which also came with palliatives. The APC has said Nigerians should go and buy rice at N40,000 per bag. But the needs of Nigerians go beyond rice.

“So, I believe the policies could also be better if we have a public transport system where you and I won’t have to drive our vehicles at a subsidised rate.”

Ologbondiyan criticized the current approach, noting that it lacks meaningful engagement with the public and fails to offer viable alternatives.

“The unfortunate thing as we are witnessing today is that we are paying lip service, even as PDP, to engaging the sitting government on its reforms, to put forward alternatives,” he added.

The removal of the petrol subsidy has led to a dramatic increase in the cost of Premium Motor Spirit (PMS), with prices rising from an average of N189 per litre in May 2023 to over N1,000 per litre in recent months.

On the economic reforms proposed by PDP governors during their recent meeting, Ologbondiyan highlighted their push for tax reforms but acknowledged the broader challenges.

“I know they have championed the issue of tax reforms. However, largely, you and I know that the situation of the economy is very depressing. Most people as we speak cannot even afford to feed,” he said.