Fuel Scarcity: Tonye Cole bemoans lack of ‘social responsibility’ on part of govt

Tonye Cole, co-founder of Sahara Group, is urging the recently inaugurated administration to assist the underprivileged and immediately solve the “trust deficit” in the midst of the widespread shortage that has followed President Bola Tinubu’s proclamation that “fuel subsidy is gone.”

Cole, who spoke on Tuesday’s programme Politics Today on Channels Television, claimed that the subsidy removal policy had three pillars, the first of which was empathy.

For the poor, he said, “that one naira you have taken away from them means a lot to them, so you need to be empathetic.”

The entrepreneur turned politician added that studies point to “the one percent” benefitting up to six times more than the poor from subsidy.

“The next one is that you need to be transparent. So, there’s a social responsibility. They must believe that what you’re taking away, you have to be able to bring it back in another way that affects them,” he said.

“So, you take from one hand, you give in another. They must see that happen.”

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In Cole’s view, the third “leg” is trust on the part of the masses, adding that “we have a trust deficit” at present.

“The main thing right now is the transparency: ‘What will happen with the money that is left coming out from subsidy? And how does it affect the common denominator of the poor man?’” he said.

“The transparency as to ‘exactly what are we going to get?’ That’s the communication that would happen.”

The era of fuel subsidies has come to an end, Tinubu declared during his inaugural speech on Monday at Eagle Square in Abuja, adding that additional payments are no longer warranted in light of the 2023 budget’s lack of a fuel subsidy provision.

“The fuel subsidy is gone,” Tinubu said, adding, that his government would instead channel funds into infrastructure and other areas to strengthen the economy.

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