Adedokun Waliyu 
An alumnus of Lagos Business School has written an open letter to Bola Ahmed Tinubu, suggesting measures to ease the economic hardship being experienced by Nigerians.
The businessman, HRH (Dr.) Olusegun Aderemi, proposed that the Federal Government enter into a Memorandum of Understanding (MoU) with Dangote Refinery to reduce the pump price of fuel and lessen the burden on citizens.
In his letter titled “My Modest Proposal on Nigeria’s Harsh Economy,” Aderemi suggested that fuel prices could be reduced to between ₦700 and ₦1,000 per litre through an agreement between the government and the refinery. He also proposed a crude oil swap arrangement, whereby crude oil would be supplied to the refinery in exchange for refined products sold within Nigeria at reduced prices.
According to him, fuel prices play a major role in determining the cost of living and business operations across all sectors of the economy. He therefore argued that reducing pump prices would help improve the welfare of citizens.
Aderemi commended President Tinubu for removing the fuel subsidy, describing the decision as a well-intentioned effort to prevent the nation’s economy from collapsing. However, he noted that many Nigerians continue to struggle with the economic effects of the policy.
He emphasized that his proposal was not a call for the return of fuel subsidies. Instead, he suggested that part of the funds currently shared through the Federation Account could be used to support an agreement aimed at lowering fuel prices.
He stated that such an arrangement could slightly reduce the allocations received by the federal and state governments but would provide relief to citizens and stimulate economic activities.
The businessman also questioned why the increased revenues accruing to state governments since the removal of subsidy have not translated into noticeable improvements in the lives of ordinary Nigerians. He observed that only a few governors appear to be delivering projects and services commensurate with the resources available to them.
Aderemi recalled that President Tinubu had previously urged Nigerians to hold their governors accountable for the funds received by their states. He argued that many citizens have focused their criticism on the President without paying equal attention to the performance of state governments.
He therefore suggested that a portion of state allocations could be dedicated to any arrangement capable of reducing fuel prices and cushioning the effects of the current economic challenges.
The letter concluded with an appeal to President Tinubu to take decisive action to improve the standard of living of Nigerians and provide relief from the prevailing economic hardship.
