Fuel Subsidy Removal: APC Official Indicates Tinubu’s Efforts towards Palliatives

Prof. Tai Balofin, an official of the All Progressives Congress (APC) has encouraged Nigerians to place their trust in President Bola Tinubu when it comes to developing measures to alleviate the impact of fuel subsidy removal.

Balofin, who is the Chairman of APC USA, stated this while speaking with the News Agency of Nigeria (NAN) on Sunday. According to him, the challenges that came with the development would soon be over.

While speaking with the News Agency of Nigeria (NAN) on Sunday, Balofin, who serves as the Chairman of APC USA, expressed his belief that the difficulties arising from this situation would be over in no time.

Therefore, he implored Nigerians to exhibit patience with Tinubu’s administration regarding the elimination of fuel subsidies, emphasizing that this decision was ultimately in the best interest of the country.

Balofin said “I just want to plead with all Nigerians to be patient and have an understanding of the situation,”

Balofin  empathizes with the pain experienced as well.

 The Chairman of APC USA appealed for patience from Nigerians while acknowledging that even though they resided abroad, they feel the hardships experienced by Nigerians.

Additionally, he emphasized that Nigerians in the Diaspora could truly empathize with the difficulties being faced by their fellow citizens back home.

He expressed utmost confidence in the ability of the Federal Government under Tinubu’s leadership to find a viable solution to the current situation.

“I trust that the president will put some measures in place to cushion the effect of the subsidy removal so it does not go overboard,” he said.

Balofin went on to explain that in various countries, particularly in the United States, the price of fuel typically ranges from $3.40 to $3.50 per gallon compared to the cost of fuel in Nigeria.

Balofin stressed that the availability of fuel even if it is expensive would help restore balance to the equilibrium in due course. He expressed his unwavering trust in President Tinubu while acknowledging his strategic capabilities in effectively managing both Nigerians and national resources. 

Furthermore, he pointed out that the decision to eliminate the subsidy was made collectively by stakeholders, including members of the House of Representatives who had thoroughly deliberated on the process of its removal.

He emphasized that it was hence the responsibility of the lawmakers to convey to Nigerians the positive impact resulting from the removal of the subsidy.

The subsidy is a long standing infectious enjoyment

Also, Mr. Tunde Doherty, a prominent member of APC U.S.A, highlighted that the United Kingdom does not provide subsidies for petroleum products. He characterized the petrol subsidy as a long-standing “infectious enjoyment” that has persisted in Nigeria for an extended period of time.

He said, “We have to be very factual and truthful to Nigerians at the start of this regime, fuel subsidy has not helped us in any way. “Rather it has become a kind of infectious enjoyment in Nigeria because the determinant of pricing is the marketers.

He said, in the United Kingdom and the United States, prices of petroleum products were not equal because there was no subsidy anywhere.

President Tinubu on May 29 while delivering his inaugural speech, said the Federal Government could no longer sustain fuel subsidies.

With the removal of fuel subsidy, the petrol pump price is now fixed at N540 per litre as against N195, a development the Nigeria Labour Congress (NLC) said it was opposing.

The NLC had said it would embark on a nationwide strike on Wednesday to force the government to reverse its decision.

Back story

During his inaugural speech on May 29, President Tinubu stated that the Federal Government could no longer sustain fuel subsidies. Consequently, the removal of the fuel subsidy resulted in a fixed petroleum pump price of N540 per litre, as opposed to the previous price of N195. 

The Nigeria Labour Congress (NLC) expressed its opposition to this development and announced its intention to commence a nationwide strike on Wednesday in order to compel the government to reverse its decision.

The congress firmly asserted that it would stand by its decision to initiate a work stoppage unless the government and the Nigerian National Petroleum Company (NNPC) Limited reversed the recent hike in petrol prices and restored it to its previous level.