Power outages, costly petroleum products catalysts for increased poverty – Peter Obi
The fuel subsidy palliative introduced by the President Bola Tinubu-led government has been said to be an action born out of “limited thinking,” by the presidential candidate of the Labour Party (LP), Peter Obi.
The Labour Party flag bearer asserted that the government should not have resolved that way because there were several other temporary solutions that would have worked better than the introduction of the palliative.
Obi said this when he was featured on Arise TV’s The Morning Show on Monday, Naija News learned.
According to him, “If you look at what this country has been doing since inception, you could see announcements with limited thinking. Which again produces limited outcome.”
Speaking further about the naira devaluation during the show, he noted that if he was in office he would have devalued the Nigerian currency, but would have tried to manage supply to deal with the forex crisis.
Obi “What you should have done is devalue the currency while trying to manage the supply by making sure you deal with issues that control the exchange rate, which is the reserve. And what controls your reserve is your export. Especially, oil and other minerals. Encourage (export of) those things and then deal with issues of foreign exchange while trying to manage what you have.”
About The Author
