Former Nigerian Finance Minister Kemi Adeosun has stated that during her tenure, ministers were aware that the fuel subsidy was not beneficial to the country. In an interview on Channels Television’s Inside Sources, Adeosun alleged that the federal government knew that fuel was being smuggled to neighboring countries, but lacked the courage to remove subsidies.
Adeosun explained that the government had attempted to address the issue through various means, including the introduction of the Sure-P program. However, the subsidy regime continued to pose significant challenges, with Nigeria’s fuel prices being significantly lower than those in other countries, leading to large-scale smuggling.
The former minister noted that the government’s inability to remove the subsidy was due to concerns about the potential impact on the population. However, she emphasized that the subsidy regime was unsustainable, as it diverted funds away from critical sectors such as roads, education, and health.
Adeosun welcomed the recent removal of the fuel subsidy by President Bola Tinubu, stating that the savings generated should be deployed to provide structural amenities for the masses. She urged citizens to scrutinize the government’s budget and ask intelligent questions about how funds are being utilized.
The former minister also addressed the circumstances surrounding her resignation in 2018, which followed allegations that her National Youth Service Corps (NYSC) certificate was forged. Adeosun claimed that the issue was used as an “opportunity to get rid of her” by those opposed to her continued stay in the cabinet. She revealed that she had informed President Buhari of her intention to initiate legal proceedings against the federal government over the matter, and subsequently stepped down to pursue the case.
Adeosun’s comments provide insight into the complexities surrounding Nigeria’s fuel subsidy regime and the challenges faced by the government in implementing policy reforms. As the country navigates this new era, it remains to be seen how the savings from the subsidy removal will be utilized to benefit the population. Citizens are being encouraged to engage with the government’s budget and demand accountability, marking a significant step towards transparency and good governance.