BEARS: Lets Take A Retreat

BEARS: Lets Take A Retreat

The Independent Petroleum Marketers Association of Nigeria(IPMAN) has alerted the nation that the fuel pump price will soon be increased again in response to the rising foreign exchange.   There is need for President Bola Tinubu and his team to review this subsidy removal in line with social security need of the country and give the people some respite. The worse hit in this hardship is the private sector and hugely the informal sector, which are the highest employers of labour.

With one dollar hitting N1000 it means instability. Lets accept the fact that the reform has failed as result of the inability of government to make intervention in the forex market. The gap between the parallel and bank rate is widening everyday. Lets beat a retreat like it was done in 2016 to save this economy.

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