The Centre for Transparency Advocacy has charged the Federal Government to ensure a transparent and timely utilisation of the $800million World Bank loan secured ahead of the removal of fuel subsidy and avoid frittering it away as handouts that would neither help the poor nor the economy.
Executive Director of the Centre, Faith Nwadishi said the Federal Government must ensure that the funds are allocated and utilized effectively for high impact projects such as infrastructure development, job creation and economic diversification.
She urged the government to heed the demand of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) on the need for an immediate reversal of the increase in the pump price of petrol pending the actual commencement of the removal of fuel subsidy on June 30, 2023.
Nwadishi argued that given the crippling effect of the high cost of petrol on the average citizen, the government must embrace some low-hanging but high-impact solutions that could address the immediate concerns of Nigerians and ensure a smoother transition away from the fuel subsidy regime.
She said that a reduction in the price of fuel was crucial to alleviating the sudden financial burden on citizens who were suddenly compelled to absorb the shock of the nearly three hundred percent (300%) increase in the price of fuel. She acknowledged the truce reached between the Federal Government and organised labour on the strike called in response to the fuel subsidy removal but observed that the tripartite agreement were more of long term solutions.
The agreement established a joint committee which would consider proposals for wage increases or awards and assess other demands submitted by the TUC to the federal government. Additionally, the resolution emphasizes the need to review the World Bank financed Cash Transfer Scheme, revive the Compressed natural Gas (CNG) Conversion program, address challenges in the education sector, establish a framework for the rehabilitation of refineries, and provide a comprehensive framework for road maintenance and rail network expansion.
“While these resolutions demonstrate positive steps towards addressing subsidy-related issues, the CTA is of the opinion that these resolutions are very long termed and so emphasizes the importance of further actions to better serve the immediate interests of Nigerians.
“In addition to reviewing the cash transfer scheme, the CTA recommends exploring alternative palliative measures that have an immediate and impactful effect on the lives of Nigerians.
These may include subsidized transportation fares, targeted support for vulnerable populations, and the provision of essential commodities at affordable prices,” she said.
The CTA boss also called for a transparent implementation plan for the resolutions reached between government and labour in order to maintain public trust and ensure the effective delivery of benefits to Nigerians.
