FINALLY REVEALED: Solutions to Nigeria’s lingering fuel crisis

• Amid the fuel price hike, popular social media personality, Reno Omokri, has expressed fear that Nigeria will continue to battle inflation and rising commodity costs
• Legit.ng reports that since Monday, September 2, Nigerians have been paying between N855 and N1,200 per litre for fuel
• The situation has compounded a cost-of-living crisis in the prominent West African nation

Legit.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public affairs.

FCT, Abuja - Reno Omokri, a one-time social media aide to ex-Nigerian president, Goodluck Jonathan, on Friday, September 6, suggested that, henceforth, every individual who earns an income should file improved personal income tax returns with the relevant authorities.

Omokri, in a social media post, also proposed that to solve Nigeria’s lingering petrol scarcity and general economic challenges, the country has to “allow market forces to control the price of fuel”.

Reno Omokir says the FG cannot fund Nigerians. Photo credit: Reno Omokri
Source: Facebook

The Peoples Democratic Party (PDP) member explained via his verified X (formerly Twitter) handle:

“Nigeria is not "oil rich". We are oil-poor. On a per capita basis, Ghana is more oil-rich than we are. We produce 1.5 million barrels per day for a population of 220 million people. Ghana produces 200,000 barrels per day for a population of 32 million.“So, when Nigerians hardly pay taxes and our oil and gas revenue is insufficient to meet the demands of running our country, we are forced to borrow or print money, which means that inflation will increase.

He continued:

“Under this situation, we cannot afford to artificially reduce the price of fuel by paying subsidy. We will go bankrupt."Therefore, much as this annoys you, the only options are to allow market forces to control the price of fuel, just as it does other commodities, or we must be prepared to pay higher taxes.“Failing that, Nigeria will continue to borrow or print more money, fueling inflation and increasing commodity prices.”

Omokri concluded:

“Protests and riots cannot change these economic realities. They will be just like a child's tantrum when his parents cannot afford to buy him a toy.”

Omokri’s solutions to Nigeria’s fuel crisis

1. Allow market forces to control the price of fuel.
2. Citizens should be prepared to pay higher taxes.

Fuel crisis: Tinubu told to sack Kyari

Earlier, Legit.ng reported that Ijaw youth leader, Theophilus Alaye, declared that Mele Kyari, the group chief executive officer (CEO) of the Nigerian National Petroleum Company Limited (NNPCL), has failed Nigerians.

According to Alaye, Kyari and other public officials in charge of the Nigerian oil and gas sector ‘fed citizens with fake stories, telling us the Port Harcourt refinery would be up and running’.

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Source: Legit.ng