According to Philip Agbese, Deputy Speaker of the House of Representatives, President Bola Tinubu’s removal of fuel subsidy is in the best interest of the nation and will soon be honoured.
The representative of Ado/Okpokwu/Ogbadibo Federal Constituency, Agbese, spoke to reporters in Abuja.
Lawmakers said the government regularly sells gasoline to the public at lower prices to mitigate the impact of rising international oil prices. This practice, known as fuel subsidy, has been practiced in the country since the 1970s.
He added that the program has enriched some people but the cost of fuel subsidies has increased over time. According to Agbese, available data indicates that the Buhari administration (2015-2023) paid a subsidy of over 11 crore naira, N4 trillion, more than the government spent on infrastructure, education and services. medical services during this time. Learning time.
Although he admitted that the decision to overthrow President Tinubu’s government was difficult, he believed that Nigerians would eventually rejoice.
He added that removing fuel subsidies, which cause 50% of the country’s problems, would mark the beginning of the country’s golden age.
Speaking ahead of the union’s planned strike, Agbese urged Labor not to fall victim to destabilizing agents and promised that money saved from the policy would be channeled into initiatives. development.
“President Tinubu must be commended for taking the bold step to save the future of our nation. Fuel subsidy was no longer attainable,” he said.
“It is on record that about N40.1 billion is spent daily to subsidize every liter of petrol consumed in Nigeria by at least N600. It means the government spends about N1.24 trillion on fuel subsidies monthly.
“The country is in massive debt and would need more money to subsidize fuel. According to the World Bank, the government is projected to achieve fiscal savings of approximately two trillion naira ($2.6 billion) in 2023, equivalent to 0.9% of GDP. These savings are expected to reach over 11 trillion naira ($14.3bn) by the end of 2025.
“This will be invested in healthcare, education, and infrastructure. Indeed, the advantages of the removal of subsidy would not just come up immediately. It is not possible because the economy is not strong. We don’t have money to start implementing measures that will ameliorate the removal of the subsidy.
“However, we must look beyond the present. The future of our great nation is at stake. I want to commend President Tinubu for this brave decision. In a matter of time, Nigerians will smile.
“Let me also use this opportunity to appeal to the Organised Labour not to succumb to agents of destabilization who want to pull us back. The issue of palliatives and better welfare for all citizens is paramount before the Asiwaju government.
“Our nation can not withstand another mass action. We are trying to build not destroy. The Labour should, therefore, give dialogue a chance and at least be patient with this administration. It is still early days”.