In the lead-up to the inauguration of the incoming administration, leaked information regarding Senator-elect Adams Oshiomhole’s plans has ignited speculation and anticipation across Nigeria.
A prominent figure in Nigerian politics, Oshiomhole has made his concerns about the controversial subsidy system and parallel exchange rate known during his campaign.
These revealed strategies provide insight into the senator’s expressed goals of tackling these concerns and collaborating with the upcoming administration led by President Bola Ahmed Tinubu to improve the quality of life for the Nigerian population.
Fuel Subsidy: Unsustainable Expenditure
One of the key areas Oshiomhole has highlighted is the unsustainable nature of the petroleum subsidy system. During his campaign speeches, the Senator-elect vehemently argued against the excessive expenditure of approximately 7 trillion Naira by the federal government on subsidies, without adequately benefiting the average citizens.
Oshiomhole’s stance indicates that he plans to leverage his position as a senator to advocate for policies that ensure the efficient use of government funds and target subsidies towards those who genuinely need them.
Parallel Exchange Rate: A Matter of Concern
Oshiomhole has also drawn attention to the parallel exchange rate, which he considers a significant scam perpetuated by a few individuals. Presently, the Central Bank of Nigeria sells foreign exchange at around 420 Naira, while Bureau de Change operators offer it at approximately 720 Naira per unit.
This discrepancy provides an opportunity for certain individuals who are allocated FOREX to profit immensely without engaging in any import activities. The Senator-elect’s criticism underscores his commitment to addressing economic disparities and promoting fairness within the financial sector.
Pro-Masses Agenda: A Continuation of Oshiomhole’s Commitment
Known for his advocacy on behalf of the masses throughout his union and governmental days, Oshiomhole intends to continue working in their best interests as a senator. The leaked plans reveal his determination to prioritize the welfare of the people, aligning with his established track record.
It is expected that he will champion policies that uplift marginalized communities and tackle societal inequalities, aiming to create a more equitable society.
Meanwhile, Asiwaju Bola Ahmed Tinubu, the President-elect, returned to Nigeria today following a fruitful working visit to Europe, where his primary goal was to attract international investors.
Tinubu’s arrival has sparked renewed optimism among Nigerians, who view his efforts to engage with international partners as a positive sign for the country’s economic growth.
Osigwe Omo-Ikirodah is the Chairman and CEO of Bush Radio Academy.