Subsidy: Oyegun backs Atiku

A former Edo State Governor and member of the African Democratic Congress, Chief John Oyegun, has stated that the economic difficulties stemming from the withdrawal of petrol subsidies are bolstering support for Atiku Abubakar, the presidential candidate of the party. In an interview with Sunday PUNCH, Oyegun highlighted that Atiku's suggestion of a production-based approach to the petroleum sector is gaining traction among Nigerians who are struggling with rising expenses associated with transportation, food, and everyday living.

Oyegun pointed out that millions of Nigerians are responding positively to Atiku's message, as they have yet to notice the advantages of the subsidy removal announced by President Bola Tinubu in May 2023. The former vice president, according to Oyegun, would lead a stable government due to his extensive experience. He noted that it would be wise for Atiku to revisit the subsidy policy, as three years since its removal, no improvement has been observed.

Oyegun criticized the government for hastily ending the subsidy without addressing the corruption and structural issues within the system. He argued that the primary mistake by the current administration was the manner in which the subsidy regime was being managed. He emphasized that the issue was not with the subsidy itself, but with the way it was being operated.

Oyegun predicted that an Atiku-led administration would prioritize governance and accountability, ensuring that corrupt officials would face consequences for their actions.

The economic situation is expected to make the cost of living and energy prices crucial issues in the 2027 election, according to Oyegun. He expressed confidence in Atiku's ability to handle the presidential contest, given his experience as a former vice president. Nigerians, in Oyegun's view, would ultimately evaluate political parties based on their capacity to provide practical solutions to the economic challenges faced by households and businesses.

The Tinubu government maintains that the subsidy removal was crucial to free up resources for infrastructure and other development programs. They have also implemented measures to alleviate the effects of the policy, such as interventions in public transportation and the promotion of compressed natural gas-powered vehicles as an alternative to petrol and diesel.

The administration argues that the long-term benefits of these reforms include enhanced investment opportunities, reduced dependence on imported petroleum products, and a more sustainable fiscal position.