A Member of the All Progressives Congress (APC) in Ejigbo Local Council Development Area (LCDA), Lagos State,Chief Celestine Chukwunenye, has scored the administration of President Bola Tinubu high.

This is coming almost eight months after Tinubu took over the reins of government. Specifically, Chukwunenye gave the president a pat on his back for his courage to scrap the old fuel subsidy regime on Day one of his administration, noting that no past government had had the confidence to do so despite the disturbing reports about the attended corruption trailing the subsidy and yearnings of the people for its removal.

Chukwunenye, who described the subsidy as ”an albatross”, defended the administration for taking the bold step to heal the festering wound that it had been inflicting on Nigerians.

He said those blaming Tinubu for the pains the policy has generated should recall that some presidential candidates in the last general election such as Abubakar Atiku of the People’s Democratic Party (PDP) and the Labour Party (LP) flag bearer, Peter Obi, also promised to remove the subsidy.

He said this singular act endeared Tinubu to Nigerians and made the move historic. Chukwunenye said rather than help boost the economy, fuel subsidy removal seemed to have made the economy to “nosedive” with almost everything ‘spiralling downwards”, though he placed the problem on the wrong floating of the naira by the apex bank.

X-raying the policy, he said the foreign exchange (FX) rate should have been stabilised at the rate it was on May 29, last year when the government took over.

He urged the government to make concerted efforts to stabilise the FX rate, saying that it is only then that the economy would be bolstered.

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