By Abbati Bako,psc,bsis,Kent,UK’s European University
Some countries in the world have decided to reduce oil taxes to cushion the stagflation and suffering of Nigerians as a result of regional war in the Middle East.
The world is in economic tatters due to energies’ high cost and inflation in all parts of the world. The ongoing war between the US/Israel and Iran on the other hand seems to have changed the global economic interplay. Considering the ongoing war in the Middle East no analyst can predict when the war will end.
US/Israel/Iran War And Global Economic Interplay: This War Must Be Stopped ASAP (9)
This writing is for the attention of President Ahmed Bola Tinubu; highlights the global economic challenges posed by high energy costs and inflation, exacerbated by the US-Israel-Iran conflict. To address Nigeria’s inflation, this writing suggests reducing oil taxes to crush the stagflation (inflation, unemployment, low production and security challenges) and certainly Nigerians will appreciate it.
*Key Points:
•Global inflation is driven by high energy costs and geopolitical tensions.
•Nigeria’s inflation rate is projected to remain above 20% in 2025.
•President Tinubu’s administration has implemented reforms, including removing fuel subsidies and unifying foreign exchange rates. This is very good based on the current global economic solution to economic emerging markets especially in the Global Southern Hemisphere. Nigeria is not alone in this struggle on economic reform. The only mistake committed is for not educating and enlightening Nigerians.
*Possible Solutions:
•Reducing oil taxes could help lower energy costs and inflation in Nigeria.
•Investing in domestic refining capacity and promoting non-oil exports could also help stabilize the economy.
•Strike a deal with Dangote Refinery to reduce the cost of petroleum products.
To continue insha’Allah
abbatibako@gmail.com
