Fuel subsidy removal has repositioned Nigeria’s economy – Oyintiloye
Osun APC Chieftain Supports Fuel Subsidy Removal as Economic Reform
Osogbo, Nigeria – Olatunbosun Oyintiloye, a prominent member of the All Progressives Congress (APC) in Osun State, has expressed support for President Bola Tinubu’s decision to remove the fuel subsidy, characterizing it as a necessary economic reform that could facilitate sustainable growth in Nigeria.
Speaking to journalists on Sunday, Oyintiloye emphasized that the subsidy removal should not be misrepresented by politicians seeking office in the upcoming 2027 general elections. He asserted that mischaracterizing the reform could undermine the progress made towards economic recovery.
The former lawmaker highlighted the financial burden of the subsidy regime, which cost the government approximately N4.39 trillion in 2022. “Nigerians are beginning to appreciate the necessity of the policy following the Federal Government’s decision to end the petrol subsidy regime,” he said.
According to Oyintiloye, the funds saved from the subsidy removal have been reallocated to critical sectors, including infrastructure, education, healthcare, transportation, and agriculture. He argued that continued expenditure on petrol subsidies was unsustainable, particularly in light of Nigeria’s fiscal constraints and development challenges.
“The decision was difficult, but Nigeria needed the courage to confront a system that had become increasingly expensive to sustain,” he said. He stressed the importance of redirecting resources saved from the subsidy to development and investment initiatives.
Oyintiloye pointed out that the removal of the subsidy not only alleviates the government’s financial pressures but also fosters a more favorable environment for investment in domestic refining and the downstream petroleum sector. He cited the Dangote Refinery, which has the capacity to process 650,000 barrels of crude oil per day, as a significant step toward enhancing Nigeria’s local refining capabilities and reducing reliance on imported petroleum products.
However, he acknowledged the immediate challenges faced by Nigerians, including increased transportation and living costs. “We acknowledge the hardship Nigerians are experiencing, but returning to the old system without addressing its fundamental problems would only postpone the crisis,” he stated.
Oyintiloye urged the Federal Government to prioritize investments in infrastructure, mass transportation, healthcare, education, and employment-generating activities. He concluded that the ultimate success of the subsidy removal will be measured by its impact on Nigeria’s productive capacity and the welfare of its citizens.
“Nigeria must move from subsidising consumption to investing in production, creating opportunities and building an economy capable of delivering sustainable prosperity,” he said.
