According to reports from DAILY POST, a Professor of Financial Economy, Sebastian Urummadu, has urged the Federal Government and the Nigeria Labour Congress (NLC) to prioritize the restoration of fuel subsidy and the elimination of multiple taxation over demands for higher salaries.
Professor Urummadu, who is from the Michael Okpara University of Agriculture, Umudike, made this assertion while speaking to journalists in Umuahia on Sunday.
The finance expert argued that addressing these economic issues would be more effective in stabilizing the country's economy and alleviating the suffering of the masses, rather than focusing solely on increasing workers' salaries.
"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," the Professor stated.
Urummadu suggested that the government should have constituted a better subsidy management team to monitor the fuel subsidy, instead of removing it altogether.
He decried the level of hunger and suffering among the masses, which he said has further increased insecurity in Abia and other parts of the country.
The finance expert urged the NLC and the Federal Government to prioritize negotiations for the return of fuel subsidy and the elimination of multiple taxation, rather than focusing on high salary demands.
Urummadu also criticized the constant influence of the International Monetary Fund (IMF) on the Nigerian economy, stating that every country, including the United States of America, practices subsidy.
Furthermore, the Professor raised concerns about the increasing porosity of Nigeria's border communities, leading to the influx of criminals and illegal arms into the country.
Interestingly, Urummadu expressed support for President Bola Tinubu's decision to appoint General Ike Nwachukwu and other non-APC members into government offices, stating that the President is "enlarging his family for the progress of the country."