The Tinubu Support Group (TSG) says any attempt to reverse the federal government’s fuel subsidy reform could set Nigeria back by 20 years.
In a statement issued on Monday, Umar Yakasai, TSG
director-general, accused former Vice-President Atiku Abubakar, presidential
candidate of the African Democratic Congress (ADC), of playing politics with
the issue ahead of the 2027 elections.
Yakasai said Nigerians should be wary of political promises
that could undermine the country’s economic reforms.
According to him, Atiku’s position is capable of creating
uncertainty among investors and reversing some of the gains recorded since the
reform.
In August, Atiku had said he would restore the petrol
subsidy if elected president in 2027.
Atiku, who spoke in Hausa during an interview with an ADC
media group, said the administration of President Bola Tinubu had failed to
account for the funds saved from the removal of the petrol subsidy.
However, President Tinubu faulted Atiku’s plan, saying the
proposal showed “serious ignorance of governance and economy”.
The president noted that before he assumed office, some
states struggled to pay salaries and pensions, adding that the removal of the
subsidy had made more funds available to the sub-nationals.
He said Nigeria had already gone through the difficult phase
of the subsidy reform and could not afford to return to a system that placed a
heavy financial burden on the government.
Yakassai said the federal government no longer had the
resources required to sustain the subsidy regime, noting that attempting to
restore it could further strain the country’s finances.
The TSG director-general said the subsidy debate should not
be reduced to an electoral promise due to its implications for the country’s
fiscal position and long-term economic stability.
He added Atiku might not intend to reverse the subsidy
reform in the manner initially understood by Nigerians.
Yakasai said Atiku’s consistent stand on the removal of
petrol subsidy since 1999, beginning with the Obasanjo presidency, where he
served as vice-president and chairman of the national economic council, up to
his 2023 presidential campaign.
“The question Nigerians should ask is when did Atiku change
his longstanding position on fuel subsidy removal, which he has held for over
two decades, and what has changed to warrant the sudden reversal of policy on
subsidy,” he said.
“Is it a populist move to play to the gallery and deceive
Nigerians in order to get votes through false promises?”
The TSG director-general cautioned opposition politicians
against making promises that could raise unrealistic expectations among
Nigerians or unsettle investors.
He said Nigeria had begun to emerge from the economic
difficulties associated with decades of dependence on fuel subsidies.
Yakasai said reversing the policy could undermine ongoing
efforts to rebuild the economy, urging Nigerians to scrutinise political
promises ahead of the 2027 elections.
Yakasai said the economic indicators showed that Nigeria was
beginning to move in the right direction, noting that the economy grew by 4.43
percent in the second quarter of 2026, compared with 3.89 percent in the first
quarter.
He added that crude oil production had also increased to
about 1.72 million barrels per day, noting that such developments should be
consolidated instead of disrupted promises to reverse existing reforms.
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