In a recent statement, a Professor of Financial Economy, Sebastian Urummadu, has advised the Federal Government to restore the fuel subsidy and end multiple taxation, stating that this would stabilize the economy, as reported by DAILY POST.
Professor Urummadu is from Michael Okpara University of Agriculture, Umudike.
He made this statement on Sunday while speaking to journalists in Umuahia.
Professor Urummadu also urged the Nigerian Labour Congress (NLC) to focus its demands on the restoration of the fuel subsidy and the end of multiple taxation.
He suggested that a better subsidy management team should have been constituted by the government to monitor the fuel subsidy, rather than removing it.
Urummadu decried the level of hunger and suffering among the masses.
He said the situation has further increased insecurity in Abia and other parts of the country.
He urged the NLC and the Federal Government to negotiate the return of the fuel subsidy and end multiple taxation.
He suggested concentrating less on high salary demands.
Urummadu criticized the International Monetary Fund (IMF) for its regular influence on the Nigerian economy.
He made it clear that every country, including the United States of America, practices subsidy.
He raised the alarm that Nigeria's border communities have become more porous, allowing the influx of criminals and illegal arms into the country.
"Even if you pay a worker one million naira per month, it will not still solve the workers’ problem. There are many things indirectly built to pay back the workers. Bring back the fuel subsidy so that the cost of transportation and cost of things will reduce,” Professor Urummadu stated.