‘Nigerians deserve more than rice’ — Ologbondiyan asks FG to review economic policies

Kola Ologbondiyan, former spokesperson of the Peoples Democratic Party (PDP), has asked the federal government to review its economic policies.

Ologbondiyan said President Bola Tinubu ought to have gradually phased out petrol subsidy and offer relief measures that address the needs of Nigerians.

He also criticised the decision of the Central Bank of Nigeria (CBN) to float the naira.

BACKGROUND

On May 29, 2023, Tinubu announced the removal of subsidy on petrol — a development that immediately led to a spike in the price of petrol, as well as goods and services.

As the policy began to take a toll on citizens’ survival, the CBN announced the unification of all segments of the foreign exchange (FX) markets – collapsing the FX windows into the investors and exporters (I&E) window.

The CBN policy, which grossly devalued the naira, stoked inflation to unbearable levels — further worsening the living condition of Nigerians as food, transportation, and other essential services became expensive.

In August, Nigerians protested against “economic hardship” and what they described as “bad governance” — a demonstration that lasted for 10 days.

To alleviate the hardship faced by Nigerians, the federal government announced the sale of rice at N40,000 per bag to civil servants against the market price of between N90,000 to N100,000.

‘RICE NOT ENOUGH’

Speaking on the ‘Morning Brief’ a Channels Television programme on Monday, Ologbondiyan said the subsidied rice was not enough.

“Let’s take the issue of the removal of subsidy, because what has brought Nigeria to its knees has been the first two major decisions made by President Asiwaju Bola Tinubu, particularly on the subsidy and floating of the naira,” he said.

“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.

“But the unfortunate thing as we are witnessing today is that we are paying lip service.”

Ologbondiyan’s comments came in the wake of the PDP governors forum imploring Tinubu to “urgently” review his economic policies that are causing hardship for citizens.

The PDP governors in a communique on Saturday, asked the president to “re-examine macroeconomics and fiscal policies that will address the welfare and well-being of Nigerians”.

The governors pledged to “aggressively” pursue policies that will reduce hardship, while empathising with Nigerians groaning under “oppressive economic policies.”