*Lauds Labour, CSOs, FG for protest suspension
*Commends FG for rescinding on N8,000 monthly palliative
Ayo Ola
A retired Deputy Director of the defunct Department of Petroleum Resources, (DPR), Pastor Engineer Sunday Adebayo Babalola, has pleaded with the Federal Government under President Bola Tinubu to invest the over N1 trillion and other accruals to the government from the removal of subsidy on Premium Motor Spirit (PMS) otherwise called petrol or fuel on infrastructure, transportation and human capital development.
President Bola Tinubu during his last nationwide broadcast said the Federal Government of Nigeria had saved N1tn in the two months since the removal of the petrol subsidy.
Babalola said investing the savings in funding low-interest rates through banks to small and medium-term enterprises and other creditable business ventures would stimulate the economy and would enhance the nation’s Gross Domestic Growth.
He said the government should stimulate the economy through spending on capital projects, transportation and the adoption of Compressed Natural Gas.
Babalola, who is a former Kwara State Governorship aspirant, commended the FG for listening to good advise and thereby had a rethink over its initial plan to provide 12 million poor Nigerians with monthly N8,000 cash gifts as palliative.
He appealed to the government not to distribute the money through cash to the people, adding that the beneficiaries will not pay back and may not use it for useful and economic purposes.
The politician and cleric equally commended the Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC) led by Osifo, Civil Society Organisations and the Federal Government over the approach adopted they adopted to suspend the strike.
The organised labour had embarked on nationwide protests against government policies which led to the current hardship that many Nigerians are suffering. They had also protested against the hike in the pump price of Premium Motor Spirit (PMS) otherwise called petrol or fuel among other demands.
President Bola Tinubu later had a meeting with the labour leaders at the Presidential Villa, Aso Rock, Abuja where he made some promises to the labour leaders.
Labour later suspended the strike and gave the government some time to fulfil its promises.
Babalola who said the use of dialogue was the best option called on the FG to exhibit fidelity to its promises.
Babalola said, “It is good that the resolved the protest through a round table discussion. Everybody should try to think outside the box. The solution should not be by increasing money or giving people more funds. It should be by coming together to find out how to make the economy better. The indices of the economy are not good now. The government should concern itself with how Nigeria’s situation should be improved o or how can we change where they are bad.
“The government should invest the subsidy savings in infrastructure. They should invest in making money available and in reducing interest rates. They should invest it by making money available to banks to give to people. Government should not be the one giving money to people. When government gives the money to the people, they will collect it and not pay it back. They will think it is a national cake and that they have collected their own share. These are commercial issues. They should leave it to commercial organisations. That money should be given to commercial banks and financial institutions and they should monitor them. That is what I am talking about creating a good business environment, Chuck of the money should be used on infrastructure.
“It is true that they actually made that money. If you are saving over N1trn monthly, that means that in two months, you would have saved N2trn. But where do they put the money? They should be able to put the money into very good use like creating infrastructure, and giving opportunities for loans to people by commercial banks and not through the government. Let people collect this loan at every single digit which is 9 per cent. 9 per cent is very good.
“Overseas, the interest rates are still between 2 and 1 per cent. 9 per cent is still good in Nigeria as it is better than about 30 per cent they are giving us.”
He added, ““The moment people have money to do their own thing, they will not be depending on subsidies. But if it is now by giving palliative money, it is like giving a man fish to eat. You have to teach him how to fish. If you give him fish, he will always be dependent on you. That is what those palliatives are about. The government should sit down with labour and explain what they are doing, and how it can bring down the pains the people are feeling over time. People should be willing to listen and make their own suggestions.
“I am afraid, both parties may be thinking in that direction because giving out money to people is the easy way they are thinking. They are thinking of increasing salaries. What percentage of Nigerians are actually public-paid officials? What per cent age of Nigerians are on salary? In my opinion, it is less than 20% if it is up to that.
“If you are giving palliative to those people, it will not change what happens to the generality of the people. We should be thinking of what is good for the generality of Nigerians. That is what government should be thinking of. That is why they are in govenrment. I am praying for them that they succeed because their failure is not comfortable to me or to anybody that is a Nigerian. We are not going anywhere. We pray that they succeed.”