Significant Alternatives To The Proposed N8000 Monthly Palliatives by Abdulhafiz Umar Barau

 

Abdulhafiz Umar Barau, a Diaspora businessman, has profound an alternative to the proposed N8000 monthly palliatives to be shared with 12 million Nigerians to cushion the effect of removing fuel subsidy.

Speaking to our reporter, Abdulhafiz Umar Barau, said it is essential to find quick fixes that can mitigate the effects of this policy change in order to ensure a seamless transition and lessen the load on citizens.

First of all, he advocated for the introduction of targeted financial support programs by the government to lessen the immediate impact on vulnerable populations. These initiatives can offer low-income households direct cash transfers or subsidies, ensuring they have the resources to deal with the abrupt surge in fuel prices. Such support can offer short-term relief as people adapt their budgets and look for alternative alternatives by concentrating on those who are most affected.

He further said that the government should put in place efficient price regulatory tools to stop price gouging and guarantee fair pricing. Government agencies can stop market abuse by keeping an eye on fuel prices and implementing laws. As a result, the market is kept competitive and excessive gasoline prices are avoided during the duration of the changeover.

Thirdly, Barau said increasing public transportation subsidies can motivate people to use more inexpensive and environmentally friendly modes of transportation. The cost of public transportation can be subsidized by governments, making it more affordable and appealing for people to use it instead of a private vehicle. This action encourages a move toward more environmentally friendly transportation options while also assisting people in coping with rising fuel prices.

He also suggested that fuel subsidies can be eliminated gradually rather than all at once. With this strategy, fuel costs can be adjusted gradually, giving people and businesses time to adjust. The economy will experience less of a shock by implementing the withdrawal gradually, allowing people to better manage their budgets and modify their spending habits.

Lastly, he called on the government should quicken its spending on renewable energy sources as a long-term fix. The effects of eliminating fuel subsidies can be lessened by increasing clean energy efforts, lowering reliance on fossil fuels, and diversifying the energy mix. Increasing investment in renewable energy will help build a more sustainable future, as well as chances for employment and economic expansion.