The Oodua Self-Determination Groups Coalition has expressed its support for President Bola Tinubu’s call for the removal of fuel subsidy in Nigeria. The coalition, which comprises Yoruba groups, made the appeal in a joint press conference on Tuesday, June 6, 2023, at the Airport Hotel in Ikeja, Lagos State.
Speaking at the conference, the leader of the coalition, Dr. Razak Olokoba, noted that Nigeria cannot sustain the budget of billions of naira for fuel subsidy alone. According to him, Nigeria budgeted N11 trillion for this year, of which fuel subsidy was a major part. He pointed out that this had been ongoing for years, and it was time to put an end to it.
He argued that the enormous sum allocated to fuel subsidy could be channeled towards improving infrastructure, housing, education, healthcare and generally upgrading the quality of life for Nigerians. He posited that this would help strengthen the naira and reduce Nigeria’s massive debts, which currently stand at a whopping N71 trillion.
Olokoba further stated that the subsidy had not benefitted Nigerians, and was only accentuating the hardship and poverty in the country. He stressed that Nigeria’s economy heavily depended on petroleum exports, which accounted for 90% of its revenue and one-third of its Gross Domestic Product. However, the country had not made any substantial revenue from the sector since the year 2000 when the Nigerian government gave out 20 refinery licenses to private companies.
He, therefore, called for more competition in the oil sector, which, he said, would bring about lower fuel prices and ultimately benefit Nigerians. The coalition leader emphasized that removing the subsidy would be a tough call, but it was a necessary step towards achieving a sustainable economy.
In conclusion, the coalition urged Nigerians to support Tinubu’s decision, noting that the subsidy was a burden that would only continue to weigh down the country until it is removed.
