A financial expert and chairman of Transcorp Hotels, Abuja, Olorogun Otega Emerhor, on Saturday, May 14, 2016, said the hardship which might follow the increase in the price of fuel will not be long but the price will fall as competition becomes fierce among petrol marketers.
He argued that the fear of Nigerians was unfounded, insisting that the upward review will be short-lived, even as he said the increase in price of fuel and total removal of subsidy was the right and only positive choice for the Nigerian government to move the economy forward.
Emerhor, who is also vice chairman of Standard Alliance Insurance, in a statement by his media aide, Fred Latimore, asserted that with the current low oil prices and the poor state of the Nigerian economy, government cannot afford to be the sole importer of fuel or continue to subsidize the product for Nigerians.
According to him, “In spite of the short term hardship on Nigerians, this move has already eliminated fuel queues nationwide which will now speed up industrial and commercial activities for rapid economic growth of the nation.
“Long term competition will bring reduced prices. Moreover, aside from eliminating the corruption associated with the fuel subsidy regime, the savings from the non-payment of subsidy will go a long way to providing social welfare to those at the lower rung of the economy.
“I request Nigerians to show understanding and not to be lured or deceived by those who perpetually want the status quo and crisis to remain and continue protesting the new policy.
“These paid serial protesters that brand themselves ambassadors of the masses reap financial benefits from contriving crisis in the name of fighting for the masses. They continue to fight any bold move by government to pull the economy from the doldrums.
“Nigerians must support Buhari to save the economy. Nigerians must brace up for these short term discomforts in readiness to reaping a bumper future.”
Emerhor appealed to organized labour not to go on with its perceived nationwide strike but to see the future gains associated with subsidy removal.
He said “we do not need strike actions at this critical time of nation building. All hands must be on deck to ensure the socio-economic survival and growth of our country because government will save huge financial resources that would be deployed towards the provision of dividends of democracy for Nigerians.
“In all of these, the good news is that the pump price of fuel will crash drastically in the near future as currently experienced and enjoyed by Nigerians in the telecommunications sector, the statement added.
