The Director-General of National Institute for Policy and Strategic Studies, Ayo Omotayo has stated that the removal of fuel subsidy was a necessary step.
Speaking on Channels Television’s The Morning Brief on Tuesday, the Director-General acknowledged that while the gains might not be visible now, Nigeria will recover whatever sacrifices made today.
“In the long run, we will recover whatever sacrifices we have made today as Nigerians.”
Omotayo added that, most of the benefits will come in the medium and long term, stating that since the government has introduced palliatives to help ease the burden on low-income workers, Nigerians need to adjust their spending habit.
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Recall that, President Bola Tinubu, during his inauguration announced, “The fuel subsidy is gone,” fulfilling a campaign promise but also triggering panic and an increase in fuel prices.
Defending the move, Omotayo described it as “a very timely step” that has helped prevent Nigeria from economic collapse.
The NIPSS boss added that while the subsidy removal has led to a rise in the cost of living, Tinubu has introduced measures such as a temporary wage increase for low-income workers, gas-powered public transport and additional social security for the poor to help cushion the impact.
