A chieftain of the All Progressives Congress in Osun State, Olatunbosun Oyintiloye, has said that President Bola Tinubu’s removal of fuel subsidy was a bold and strategic economic reform that repositioned the country for sustainable growth and recovery.
The ex-lawmaker subsequently warned those seeking political posts in the 2027 general elections against deliberate distortion of facts regarding fuel subsidy removal.
He declared that Nigerians already realised the necessity of removing the subsidy after the bold step taken by Tinubu to end the subsidy regime.
Oyintiloye stated this in a statement obtained in Osogbo on Sunday, where he noted that the subsidy regime had imposed a huge financial burden on the country.
The former member representing Obokun State Constituency in the Osun State House of Assembly further said the reform was necessary because Nigeria could no longer sustainably spend trillions of naira subsidising petrol consumption while simultaneously grappling with fiscal pressures and development deficits.
He added that the policy should be viewed beyond the immediate increase in petrol prices and understood as an attempt to correct a long-standing structural distortion in the economy.
“The decision was difficult, but Nigeria needed the courage to confront a system that had become increasingly expensive to sustain. We cannot continue to spend trillions of naira on subsidy while critical sectors of the economy remain underfunded.
“The resources must be redirected towards development and productive investment, and that was what President Tinubu did. We are now seeing the gains,” he said.
The APC chieftain said the removal of subsidy had offered several economic benefits, including reducing the government’s fiscal burden, improving budgetary discipline and freeing resources for development.
Oyintiloye also said the reform had strengthened the economic incentive for investment in domestic refining and the downstream petroleum sector.
He cited the 650,000-barrel-per-day Dangote Refinery as an important development in Nigeria’s drive to expand local refining capacity and reduce dependence on imported refined petroleum products.
He, however, acknowledged that the policy had imposed significant short-term pressure on Nigerians, particularly through higher transportation and living costs.
“We acknowledge the hardship Nigerians are experiencing, but returning to the old system without addressing its fundamental problems would only postpone the crisis. The answer is to ensure that the resources freed from subsidy are converted into tangible benefits for the people, and the Tinubu administration has been doing that,” he said.
He urged the Federal Government to continue to prioritise investments in infrastructure, mass transportation, healthcare, education, agriculture, social protection and employment-generating activities.
He stressed that the ultimate justification for subsidy removal would be measured by its impact on the productive capacity and welfare of Nigerians.
“Nigeria must move from subsidising consumption to investing in production, creating opportunities and building an economy capable of delivering sustainable prosperity,” he said.
