- 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
- TheTalk.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
Reno Omokir says the FG cannot fund Nigerians.
Photo credit: Reno OmokriSource: FacebookNigeria 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.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.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.Omokris solutions to Nigerias fuel crisis
- Allow market forces to control the price of fuel.
- Citizens should be prepared to pay higher taxes.
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