‘Subsidy removal right, poorly executed’ – Agada

A presidential hopeful under the Young Progressives Party, YPP, Mr Peter Agada, has faulted the manner fuel subsidy removal policy was implemented by the administration of President Bola Tinubu.

He said it should have been in phases, with measures to cushion its impact on Nigerians.

According to him, the principle behind subsidy removal is economically sound because international investors and financial institutions often require countries seeking funding to liberalise their economies.

Speaking with journalists on Thursday, Agada explained that countries depend on external investment, loans and international financial institutions to finance critical sectors such as agriculture and infrastructure, adding that such funding often comes with conditions.

“The economic policy that says, ‘Remove subsidy or you will not get our funding,’ is a major issue.

“I would not have removed the subsidy on my first day in office the way Tinubu did. I would have had a plan,” Agada said.

He added that, “Because I know I must attract capital from the West and the global capitalist economy, I would still agree to remove the subsidy. In fact, I agree with the principle.

“It is not good to keep spoon-feeding people. It is better to teach people how to fish than to keep giving them fish,” he stated.

Agada said the government was supposed to adopt a gradual approach by introducing interventions alongside each phase of subsidy removal.

“So, while the subsidy is gradually being removed, the people are also gradually being empowered to cope with the consequences of its removal,” he said.