President Tinubu’s Decision on Fuel Subsidy Removal in Nigeria’s Best Interest

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, has issued a comprehensive statement regarding President Bola Tinubu’s decision to remove the petrol subsidy on the day of his inauguration on May 29, 2023. Onanuga’s statement comes in response to recent comments made by former Secretary to the Government of the Federation, Mr Babachir Lawal, questioning the timing and approach of the subsidy removal.

Onanuga emphasized that President Tinubu acted in the best interest of Nigerians, considering the serious financial challenges facing the country at the time. He pointed out that there was no provision for subsidy in the budget left behind by former President Muhammadu Buhari, highlighting the dire financial situation that Tinubu’s administration inherited.

According to Onanuga, Nigeria was in a state of financial crisis, with the Nigerian National Petroleum Corporation unable to import petrol due to a N4 trillion debt owed by the federal government. He stated, “Tinubu knew the problem and that was why he made the announcement on the day of his inauguration. The language he used was ‘Subsidy is gone’ because even in the budget, there was no provision for it.”

Onanuga further explained that if Tinubu had not acted swiftly to address the subsidy issue, the country would have faced even greater economic challenges. He highlighted the necessity of the measures taken by President Tinubu, acknowledging that while they may be painful, they are crucial for resetting the economy and ensuring financial stability.

The presidential aide urged Nigerians to remember the challenges faced before Tinubu’s administration took office and to appreciate the efforts being made to address them. He emphasized the importance of understanding the complexities of the economic situation and the need for unity in moving the country forward.