There is no basis for President Bola Tinubu to regret the decision to remove the contentious fuel subsidy, the Tinubu Media Support Group (TMSG) has said.
According to the group the benefits that have accrued to the country since the Tinubu administration assumed office far outweigh arguments for restoring the subsidy by some opposition presidential candidates in the forthcoming elections.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group noted that recent developments in the polity have proved that the decision was well thought-out.
It said: “We are surprised that there is still some form of conversation in the country over the decision by President Bola Tinubu to affirm the removal of subsidy on assuming office.
“But we also know that opposition presidential candidates who are looking at getting a number of eligible voters behind them would do anything including making empty promises to stand a chance against the President in the forthcoming presidential election.
“There is no doubt that President Tinubu’s decision has freed up more funds for allocation to the subnationals with the World Bank recently noting a 93 percent increase in revenue accruing to all 36 states and the federal capital territory.
“And even though some people have tried to play down the increase on the basis of naira devaluation, the fact is that state governments are able to execute more capital projects, pay off inherited debts and clear backlogs of workers salary, more than ever before.
“So if any governor is achieving more than his predecessor in the area of projects, it is as a result of President Tinubu’s decision to put an end to fuel subsidies.
“On the national level, enough fiscal space has been created for the federal government to introduce student loans for indigent students. In less than two years of its introduction, more than 1.5 million students have benefited from the Nigerian Education Loan Fund (NELFUND). Also more Nigerians are now captured in the expanded targeted cash transfer system which is confirmed to have reached 10 million households.
“In addition to this is increased funding for capital projects across the country which has paved way for legacy projects and continuous work on life-changing projects inherited from previous administrations like the Ajaokuta-Kaduna-Kano (AKK) gas pipeline which is nearing completion on the watch of President Tinubu.
“We are also aware it is one of the factors for increased funding for tertiary institutions which has ensured a more lasting peace in the nation’s universities. It is not a coincidence that there has been no nationwide strike in the University system since the Tinubu administration assumed office in May 2023.
“The stability of the exchange rate also has its root in the fuel subsidy decision as the country no longer has any reason to dip into its foreign reserves to ensure prompt subsidy payments.
“And more important is the fact that the world’s largest single train refinery, the Dangote Refinery, is operating well because the government is not having to pay subsidies on imported fuel.”
The group also weighed in on the campaign promise by former Vice President Atiku Abubakar to restore fuel subsidy if he wins the January 2027 Presidential election.
“We are however aware of the advocacy by some presidential candidates for the return of fuel subsidy in recent months as a result of the spiralling rise in fuel price and the consequent rise in cost of living.
“But as Nigerians have seen from the global trend of protests, the world is passing through a cost of living crisis stemming from the conflict in the Middle East.
“So it makes little sense to blame the cost of living issues in the country on President Tinubu’s decision on fuel subsidy.
“What we believe Nigerians should focus on is ensuring that the subnationals who now have more funds do more in touching the lives of the citizenry
“And as for the federal government, we look forward to the President’s promise of an accelerated deployment of CNG, improved agricultural productivity, and increased access to affordable healthcare and quality education as part of the TV dividends of the removal of fuel subsidy,” it added.
