Fuel subsidy removal has repositioned Nigeria’s economy – Oyintiloye

The All Progressives Congress (APC) chieftain in Osun State, Hon. Olatunbosun Oyintiloye, has described President Bola Tinubu’s removal of fuel subsidy as a bold reform capable of repositioning Nigeria for sustainable growth.

Oyintiloye, while addressing newsmen in Osogbo on Sunday, warned politicians against distorting facts about the policy for political gains.

He said the subsidy had imposed a huge financial burden on the country, with government figures putting expenditure at about N4.39 trillion in 2022. He added that the funds could have been invested in infrastructure, education, healthcare, transportation and agriculture.

According to him, the reform was necessary because Nigeria could no longer sustain spending trillions of naira on petrol subsidies amid fiscal pressures and development deficits.

Oyintiloye said the policy had reduced the government’s fiscal burden, improved budgetary discipline and encouraged investment in domestic refining, citing the 650,000-barrel-per-day Dangote Refinery.

He acknowledged the short-term hardship caused by higher transportation and living costs but said returning to the old system would only postpone the crisis.

“The resources freed from subsidy must be converted into tangible benefits for the people,” he said.

Oyintiloye urged the Federal Government to prioritise infrastructure, mass transportation, healthcare, education, agriculture, social protection and job creation.

“Nigeria must move from subsidising consumption to investing in production and building an economy capable of delivering sustainable prosperity,” he said.