By Steve Oko

UMUAHIA – A professor of Banking and Finance at the Michael Okpara University of Agriculture, Umudike, MOUAU, Professor Sabastine Uremadu, has advised President Ahmed Bola Tinubu to “stop sharing money in the name of palliatives, restore fuel subsidy, and abolish multiple taxation”, if he wants Nigeria’s economy to rebound.

Professor Uremadu, who advised while delivering the 60th inaugural lecture of the university titled: ” Navigating the Trade-Off:”Profitability Vs Liquidity in Nigerian Investment Environment”, attributed Nigeria’s worsening economy to Tinubu’s removal of fuel subsidy without necessary preparations.

He strongly condemned the idea of the Government sharing money with citizens under the guise of palliatives to cushion the effects of harsh economy, arguing that such action rather exacerbates the already-bad situation.

According to him, beneficiaries of such palliatives never engage in any economic activity that could help revive the economy but rather wait for the next sharing time.

Professor Uremadu argued that the sensible thing for the Government to do to reset the economy is to restore fuel subsidy.”

Maintaining that the Nigerian economy nosedived following the unilateral removal of fuel subsidy by Mr President, an action that triggered hyperinflation and economic instability.

According to him, the best quick fix to the country’s economy is fuel subsidy restoration as the price of fuel affects every other economic activity.

He said:”Fuel is a variable that touches on everything, and whatever affects fuel affects everything. There’s no country that does not have subsidy. Even America subsidises her agricultural products. See what has happened to the Nigeria economy since the removal of fuel subsidy.

“I have my friends serving in President Tinubu’s Government and I want him to succeed because there are some good things he has done. But let him restore fuel subsidy. I have studied the Nigeria economy very well. The right thing to do now is to restore fuel subsidy. Once that is done, inflation and exchange rate will come down.”

Professor Uremmadu also blamed the hardship in Nigeria on multiple taxation, regretting that it scares investors.

He advised the Federal Government to create a friendly environment to investors to inject the needed funds for Nigeria’s economy to recover.

“For us to recover, the President has to restore fuel subsidy immediately; he has to remove multiple taxation; pursue effective fiscal policies; and inject technocrats to help drive the economy.

” We seriously need such a friendly economic environment that will attract foreign direct investment for our economy to re-bounce”.

In a remark, the Vice Chancellor, Professor Maduebibisi Offor Iwe, commended Professor Uremadu for his well-researched and deep-rooted lecture, and for making recommendations that could help restart the economy.

The VC appealed to policy makers to consider the “salient recommendations”, and create favourable environment ” so that people in business can thrive”.

He further said that Government should allow domestic investment to thrive for economic growth.

The inaugural lecture was well attended by friends and associates of the lectures as well as members of the university community.