By Ayo Akinfe
10 things I would do with the $8bn saved from the scrapping of the petroleum subsidy were I in Bola Tinubu’s shoes
[1] Nigeria currently spends $8bn a year out of her paltry $30bm annual budget subsidising petrol marketers. As a nation we simply cannot afford this. One does not need to be a genius to realise that it is not sustainable
[2] Most Nigerians are rightly scared about the inflationary impact the subsidy removal will have, so I believe these fears can be negated if the cash is used to fund infrastructural development that will improve their lives in other areas
[3] Personally, I would spend $4bn of the cash on education. Human capital development has got to become our national slogan in the post-coronavirus era
[4] This $4bn should be shared among the education commissioners in each of the 36 states and give each of our 774 local government chairmen a mandate to build at least one technical college within their domains
[5] Each states must unveil a public works programme that involves getting our youth off the streets and into vocation education. I want to see all those herdsmen, potential Boko Haram recruits, bandits, area boys, prostitutes, etc trained in welding, carpentry, fashion design, mechanics, bricklaying, etc
[6] I then want to see $2bn spent on rural roads across all 774 local government areas. This rainy season has shown that we have no rural transport network. Many villages and farms are totally inaccessible once the rains start
[7] Given that the subsidy will result in less car usage, I will then dedicate $2bn to the construction of our national rail network. We simply have to get more people off the roads and into trains
[8] In subsequent years, I would also dedicate about $2bn to a national bicycle programme. We need to get away from this ignorant notion that bicycles are for the “bush man” and the villager
[9] Come 2024, $4bn of this money will also be invested in a mega hydroelectric power plant at Idah or Lokoja. I want a facility that can generate at least 10,000MW
[10] Given that this $8bn savings will be annual, what we have to do is actually create a National Infrastructural Development Fund and pour this money into it every year. If judiciously spent, this capital could make a huge difference
