According to Channels Television, Senior Advocate of Nigeria, Prof. Itse Sagay, has suggested that President Tinubu should have waited six months after his inauguration before implementing the subsidy removal. He argued that allowing more time for internal production, particularly with the commencement of operations at the Dangote refinery and the nearing completion of the Port Harcourt refinery, would have softened the transition and mitigated the impact on Nigerians.
“Now, Dangote is now producing. And of course, the refinery in Port Harcourt is almost ready. Perhaps, if we had waited a little longer, the transition will not have been harsh,” Sagay remarked. “We’ve been on this subsidy for decades, and a few more months would not have killed us. You can see the difference in lifestyle now.”
In addition to his concerns about subsidy removal, Sagay emphasized the urgent need to address the devaluation of the Nigerian currency, which has reached alarming levels.
He expressed disbelief at the current exchange rate, stressing the detrimental effects of continued depreciation on the economy.
According to him, “I never dreamt that there would be a time when the dollar would change for over N1,000 to a dollar. It has to stop, otherwise, it will destroy everything that the government is trying to do,” Sagay warned.
Despite his reservations, Sagay expressed confidence in the leadership of the new government under President Tinubu. He commended the administration’s competence and expressed optimism that they would navigate the challenges and improve the lives of Nigerians.
“They are people who know what they are doing. I have faith in them and I believe that as time goes on, the pressure on Nigerians will ease, hardship will decrease, and we will be in a much better position than we are in now,” Sagay affirmed.