A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi, has faulted the Federal Government’s policies, saying President Bola Tinubu is confused about what to do.
Tinubu had declared an end to the subsidy regime on petrol upon assumption of office and later floated the naira, triggering a hike in the cost of living.
Critics have faulted the moves amid a ballooning inflation level and Sowunmi of the PDP is towing the same line, claiming Tinubu is confused about economic policies.
“I am so optimistic and I say it to people who ask me, ‘If Tinubu can’t figure out these things I wonder who can.’ I think that, one, he is confused,” he said on Friday’s edition of Channels Television’s Politics Today.
The PDP chieftain said, “I don’t understand what the CBN people are doing relative to the value of the currency. Are they telling me that by their imagination, by floating the currency, Nigeria’s currency will become toilet paper?”
The price of petroleum has gone up from around N200 per litre since May 2023 to about N1,000 at the moment.
Although the coming on stream of the Dangote Refinery is expected to cut the price, the Nigeria National Petroleum Company Limited (NNPCL) pegged the cost of the commodity between N855 and N897 per litre
Sowunmi is therefore wondering, “What exactly constitutes the science and commerce of pricing petrol when you are refining in your country?
“I have been reading a lot of books on how we can work around this pricing and the research is still ongoing. When I am done with it, I will come out with what we can consider,” the PDP chieftain said.
Channels TV
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