Recession: Fawehinmi Advocates Reduction In Price Of Petrol

Following the signing of budget into law and the possible growth in the revenue base of the country through non-oil exports, and other sources, Muhammed Fawehinmi, lawyer and rights activist has urged the Federal government to reduce the price of petroleum from N145 to N65 as a easiest way of tackling the high cost of food items in the country, brought about by recession.

Following is the press statement released from Muhammed Fawehinmi Chambers.

The Federal Government of Nigeria has finally signed the budget into law. The supposed implementation has heralded some achievements in diversification through Agriculture. For example, the Federal government from the export of Yams targets $8billion [in an exchange about N2,800,000,000,000] annually as was disclosed by Chief Audu Ogbeh the Minister of Agriculture. With other supposed exports of Rice and other commodities, the Federal Government expects presumably close to N5trillion, with the exclusion of Oil and Gas. I am of the assumption that the loan taken out by the Federal Government can be easily paid off, with sufficient revenue left in the coffers of the nation.

Muhammed Fawehinmi Photo

Muhammed Fawehinmi

My grouse with the Federal Government is how are they going to reduce prices of food items, general commodities, other necessities like the rent, cars and general cost of living. Our economy is still a monolithic styled-type economy where the cost of products and services and follows the price of petrol.

Since the price of petrol per litre was increased to N145, there has been a lot of hunger in the land. So many food items have become too exorbitant for the poor masses to purchase.

The easiest way is to reduce the price of petrol from N145 to N65 so that the cost of living will reduce and be affordable.

In consideration of the implementation of the 2017 budget, the effect might not even be felt by the populace in the last quarter of this year. But the 50% reduction of the price of petrol, kerosene and diesel will help the prices reduce drastically.

 

Hunger, vagrancy, lack and unemployment are some of the chronic problems, suffered by the masses of our great country.

We hope that the Federal Government would take this valuable hint at combating inflation during this period of recession in Nigeria.

Signed

MOHAMMED FAWEHINMI, ESQ

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