APC chieftain Arise slams call to review subsidy removal, describes proposal as economically retrogressive

Former Ekiti North Senatorial District Senator Ayo Arise, a member of the All Progressives Congress (APC), has criticized a proposal to review the removal of fuel subsidies in Nigeria, calling it economically retrogressive. The suggestion was made by former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar.

Arise argues that the removal of fuel subsidies, despite initial hardships, has significantly improved the financial capacity of both the federal government and states, enabling them to meet their obligations and invest more in development.

Arise contends that those advocating for the former vice president might not have fully considered the broader implications of returning to the previous subsidy regime. He emphasizes that the benefits of subsidy removal should not be overlooked solely based on the immediate increase in the cost of living. Additionally, he points out that regular salary payments facilitated by the subsidy removal have had a positive impact on the economy, allowing workers to meet household obligations, pay school fees, and purchase goods and services.

The APC chieftain also highlights the substantial amount of additional resources now available to governments, which can be redirected towards critical areas of development. He attributes this to the removal of the subsidy, stating that the funds could not be accessed in the past due to salary non-payment and reliance on loans. Arise stresses that the improved financial situation has allowed the government to use recovered funds, such as directing them to the NELFund to support school fees, preventing students from dropping out.

Arise criticizes the idea of returning to the previous regime, describing it as one characterized by mismanagement, corruption, and the siphoning of resources. He believes a well-informed advisor would have highlighted these downsides to the former vice president before proposing the review of subsidy removal.