Professor Sabastine Uremadu, a renowned academic in the Department of Banking and Finance at Michael Okpara University of Agriculture, Umudike (MOUAU), has urged President Bola Ahmed Tinubu to urgently reverse certain economic decisions if Nigeria is to experience a meaningful economic recovery.
Speaking during the university’s 60th inaugural lecture titled “Navigating the Trade-Off: Profitability Vs Liquidity in the Nigerian Investment Environment”, Professor Uremadu warned that Nigeria’s deteriorating economic situation is largely a consequence of the abrupt removal of fuel subsidy without adequate groundwork.
He strongly criticized the Federal Government’s strategy of disbursing funds to citizens under the pretext of palliatives. According to him, this approach only deepens the economic crisis rather than alleviating it. “These palliatives,” he noted, “do not stimulate economic productivity as beneficiaries often do not invest the money in any viable economic activity. Instead, they remain idle, waiting for the next handout.”
Professor Uremadu asserted that the fuel subsidy should be reinstated immediately, describing it as a crucial lever for stabilizing the economy. “Fuel is a key economic variable that influences virtually every aspect of life. When fuel prices rise, the entire economy feels the impact,” he said, adding that even developed countries like the United States subsidize critical sectors such as agriculture.
He pointed out that President Tinubu’s removal of the fuel subsidy led to skyrocketing inflation and economic disarray. “If the President truly wants to reposition the economy,” he advised, “the first step should be restoring the fuel subsidy. This move will help reduce inflation and stabilize the foreign exchange rate.”
In addition to subsidy restoration, Professor Uremadu highlighted the urgent need to eliminate the burden of multiple taxation, which he said discourages investment and stifles business growth.
“To recover economically,” he continued, “the administration must implement effective fiscal policies, eliminate overlapping taxes, and engage qualified technocrats to lead economic reforms. Only then can Nigeria attract the foreign direct investment it desperately needs and create a conducive environment for local businesses to thrive.”
Professor Uremadu also revealed that he maintains personal relationships with some individuals in President Tinubu’s cabinet, affirming that his criticism is constructive and rooted in a desire for the administration’s success.
In his closing remarks, the Vice Chancellor of MOUAU, Professor Maduebibisi Offor Iwe, lauded Professor Uremadu for delivering a comprehensive and well-researched lecture. He described the professor’s insights as critical and timely, urging policymakers to seriously consider the recommendations made.
The Vice Chancellor emphasized the need for the government to foster an enabling environment for both local and foreign investors, which he said is essential for sustainable economic growth.
The lecture drew a wide audience, including colleagues, friends, associates, and members of the university community, all of whom commended Professor Uremadu for his thoughtful economic perspectives.
