Society for the Youth and the Downthroden, SOYD, a Non-Governmental Organization, has called on the current administration under the watch of President Bola Ahmed Tinubu to deactivate petro-dollar budgetary economy, strengthen the institution and adopt a more indigenous method of administration in line with the current economic reality in order to achieve outstanding result.
According to a press release issued yesterday by President of SOYD, Comrade Ogwuche Gabriel, stated that the country’s economy was at the brink of total collapse due to the burden of consumption expenditures and petro-dollar syndrome without relative savings and investments to cushion the effect.
Ogwuche noted that to worsen the situation was the oil subsidy regime operated by some powerful individuals and its attendant negative consequences on the economy over the years.
“We are watching with keen interest to see how the present administration will courageously remove the oil subsidy against all odds and rescue the economy from the brink of total collapse and decay.
“Nigeria is a great and wealthy nation with a very large population and blessed with resources. The abundance of natural resources was a blessing and sources of pride to Nigeria as nation and Nigerians as a people.
“Today, our economy is at the brink of total collapse due to the burden of consumption expenditures and petro-dollar syndrome without relative savings and investments to cushion the effect.
“Our independent investigation had shown clearly that the major problem of Nigeria economy is directly traced to poor and fraudulent management of petroleum products and local transaction in dollars.
“Consequently, It is evidently clear that few individuals are in control of the enormous wealth of the nation at the expenses of the exploitation of the masses and vulnerable minorities in poverty,” he said.
He also stated that if this was not checked, it will be extremely difficult, if not impossible for any government to tackle the Nigeria’s numerous problems, especially the increasing cases of corruption, poverty, insecurity and wide gap between the rich and common man in Nigeria etc.
Ogwuche also said that the total removal of the subsidy requires a strong mental ability to act in the interest of the nation and good faith that was completely devoid of politics and personal interest.
He explained that the removal of fuel subsidy will secure the future and improve the living standard of all Nigerians irrespectively, if properly implemented.
He added that, “Although, it requires sacrificing the gain of today for the supernormal profit and enjoyment of tomorrow, which many Nigerians doesn’t want for obvious reasons.
“Secondly, we want Mr President to rebuild the collapsed institution by reviving the Judiciary if this administration is ready to perform up to the high expectation of the people. If the institution is strong, the business of governance will be very simple and easy for all of us.
“The judicial system of government and court in particular, has failed and faded away as it relate to its statutory mandate of being the “last hope of the common man.”
