Ben Chudi Uzuegbu (SAN), a prominent lawyer from Onitsha, Anambra State, believes that the economic difficulties in Nigeria can be attributed to the ineffective operation of Nigerian institutions. In an interview with BusinessDay in Onitsha, Uzuegbu expressed his view that the lack of optimal functionality in these institutions is at the root of the economic struggle and various other significant challenges faced by the country. Currently, the state of affairs in Nigeria reveals that all sectors of government institutions are not functioning as they should be, including the highest offices such as the Presidency, Judiciary, Police, Army, Navy, and Air Force.
The current state of affairs in Nigeria reveals a concerning trend of dysfunctional institutions that are crucial for the effective functioning of a nation. The disappointment felt by the average citizen is beyond measure, as these institutions are meant to be a beacon of hope for survival. It is imperative that these institutions be reinforced in order for the country to thrive, according to Uzuegbu. He stated that politicians should not be exempt from blame due to their corrupt behaviour and unjust accumulation of wealth.
Oil subsidies and electricity tariff hikes should be reconsidered.
Uzuegbu urged the Federal Government to reconsider the decision to remove oil subsidies and increase electricity tariffs. He argued that these policies had a negative impact on the Nigerian economy and its people. According to him, the economic advisors who supported the policies failed to properly assess their potential consequences before implementation, leading to detrimental outcomes for the country. He contented with maintaining the subsidy policy, attributing Nigeria’s economic downfall to the decision to remove the oil subsidy under the current administration.
It is imperative that they revert to the previous policy, as the current situation has caused economic distress and widespread discontent. The decline in the country’s economic condition is evident, and urgent action is needed to address this crisis. The citizens of this nation are facing immense difficulties. The main issue is that the country’s leadership is failing to address the situation, and they seem unaware that the hardship has evolved into various forms, he remarked.
Proper measures should be in place to address any policy effects.
Also, he expressed concerns over the chaos caused by what were supposed to be relief measures, resulting in the tragic deaths of numerous Nigerians. This situation highlights the severe hunger, suffering, and challenges citizens endure. It has reached a point where individuals transporting goods are being overwhelmed and robbed by hungry citizens, illustrating the desperate circumstances faced by many. On May 29, 2023, the current leadership introduced a new policy by eliminating oil subsidies. It is essential to consider the consequences of this action and ensure proper measures are in place to address any negative effects caused by the subsidy removal.
Price of fuel was initially ₦187, but following the announcement of the oil subsidy removal, the cost skyrocketed to ₦500, and in some locations, it even reached ₦700 or higher. This is the current situation the people are in. It would have been more manageable if subsidy removal had been done gradually. While taking it away, they should consider raising the salaries of government workers to help stabilize the economy and prevent further hardships among the people.
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Moreover, the citizens are facing significant challenges due to the government’s economic policies. It is predicted that more individuals will resort to scavenging for food, as some have already done. People will soon start dying from hunger on the streets due to the ignorance of our leaders who are managing our resources. Despite numerous warnings and suggestions from concerned citizens, the government remains stubborn and unresponsive. He expressed frustration at the lack of action and cooperation from those in power.
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