Subsidy removal repositioned Nigeria’s economy — Ex-Osun lawmaker

All Progressives Congress (APC) official Olatunbosun Oyintiloye, from Osun State, has hailed President Bola Tinubu's decision to abolish fuel subsidies as a crucial economic overhaul that can steer Nigeria towards enduring growth and revival. Oyintiloye cautioned political candidates vying for office in the 2027 elections against misrepresenting the fuel subsidy removal for political gain.

Speaking to journalists in Osogbo, he emphasized the substantial financial strain the subsidy regime had placed on the nation. He stated that petrol subsidy expenditure reached approximately N4.39 trillion in 2022, funds that, according to Oyintiloye, have been redirected to vital areas such as infrastructure, education, healthcare, transportation, and agriculture.

Oyintiloye argued that the reform was a necessary step, as Nigeria could no longer afford to spend trillions of naira subsidizing petrol consumption while simultaneously grappling with fiscal pressures and development deficits. He argued that the decision, though challenging, was essential to rectify a long-standing economic imbalance.

Oyintiloye noted that the saved resources should be channeled towards development and productive investments. He highlighted the benefits of subsidy removal, including a reduced fiscal burden for the government, enhanced budgetary discipline, and the liberation of resources for development. Oyintiloye also pointed to the Dangote Refinery, a 650,000-barrel-per-day facility, as evidence of Nigeria's progress in increasing local refining capacity and reducing reliance on imported refined petroleum products.

Despite acknowledging the short-term challenges Nigerians face due to higher transportation and living costs, Oyintiloye emphasized that the crisis would only be postponed if the country reverted to the previous system without addressing its underlying issues. He urged the Federal Government to maintain its focus on infrastructure, mass transportation, healthcare, education, agriculture, social protection, and employment opportunities.

Oyintiloye emphasized that the true measure of subsidy removal's success would be its impact on Nigeria's productive capacity and the well-being of its citizens, urging the nation to shift from subsidizing consumption to investing in production, creating opportunities, and building an economy capable of delivering sustainable prosperity.