A professor of Banking and Finance at Michael Okpara University of Agriculture, Umudike, has called on President Bola Tinubu to take immediate steps to address the country’s economic challenges by restoring the fuel subsidy, ending palliative distributions, and removing multiple taxation.
Speaking during the university’s 60th inaugural lecture, Professor Sabastine Uremadu criticized the federal government’s current approach, describing the removal of fuel subsidy as poorly planned and damaging to the economy. He explained that the abrupt withdrawal has triggered rising inflation and contributed to widespread economic instability.
He opposed the government’s decision to distribute money under the label of palliatives, stating that such efforts offer no real economic value. According to him, recipients often remain idle and wait for the next round of handouts, which only worsens the economic decline.
Uremadu insisted that fuel prices have a ripple effect on all sectors of the economy. He pointed out that no country operates entirely without subsidies, highlighting the example of the United States, which supports its agricultural sector. Restoring fuel subsidy, he argued, would ease inflation and stabilize the exchange rate.
He also raised concerns about Nigeria’s heavy tax burden, stating that multiple taxation discourages investment and pushes away both local and international investors. He urged the government to create a more business-friendly environment, attract foreign direct investment, and bring experienced technocrats into economic planning.
While acknowledging some of President Tinubu’s efforts, Professor Uremadu emphasized that without key economic corrections, recovery would remain out of reach.
The Vice Chancellor, Professor Maduebibisi Offor Iwe, praised Uremadu for his insights and appealed to government officials to take the recommendations seriously. He noted that supporting domestic business efforts and creating investor-friendly conditions are crucial for long-term growth.
The lecture was attended by members of the academic community, colleagues, and guests who commended the professor’s thorough research and policy suggestions.
