Nigerian businessman and Politician, Victor Ngumah has appealed to Nigerians to exercise a little more patience with the President Bola Tinubu-led government following the discomfort that came with the removal of fuel subsidy in the country.
Recall that the May 29 removal of subsidy on petrol had led to over 200 percent increase in the pump price of petrol, causing an inflation which saw the cost of transportation, staple foods and other essentials record a significant price hike.
Speaking with newsmen on Friday in Owerri, the Imo State capital, Hon. Ngumah, the chairman of Lumen Media Concept, while admitting that fuel subsidy removal has brought about hardship in many Nigerian families expressed hope that the dividends will far outweigh the pain.
He said funds being generated from the subsidy removal will be channeled to developmental initiatives, including construction of social amenities, revival of moribund companies as well as increased funding for youth-centred projects will he said will take more young Nigerians out of unemployment, raise the standard of living and ameliorate the shock of the subsidy removal.
Hon. Ngumah, a native of Ezinihitte in Imo Mbaise state and one of the top pdp stakeholders in the state noted that the recent approval of N500bn palliatives by the National Assembly for Nigerians will be part of measures to cushion the effects of the policy.
He commended the steps taken so far by His Excellency, President Bola Ahmed Tinubu and the measures that will further help the poor to breathe, a slogan he has popularised, not only in words but action.
"It is also interesting to note that His Excellency, President Bola Ahmed Tinubu has indicated readiness to widen the social safety net which will see over thirty million Nigerian families benefit from a monthly stipend of N8,000".
He appealed for support for the federal government in its avowed commitment to give all Nigerians a hope of succor.
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