Tinubu The Minister of Solid Minerals Development, Dele Alake, has said President Bola Tinubu chose Nigeria’s long-term economic recovery over political considerations when he removed the fuel subsidy.
Alake said previous administrations had recognised the need to end the subsidy but repeatedly postponed the decision because of its potential political consequences, particularly during election periods.
He stated this on Wednesday during an interactive session with members of the All Progressives Congress Press Corps in Abuja.
According to the minister, Tinubu took the political risk of implementing the reform despite the hardship and public backlash that followed.
Alake said the subsidy regime had largely benefited fuel cartels and wealthy Nigerians, while depriving government of resources that could have been invested in infrastructure and other productive sectors.
He argued that the reform was necessary to correct longstanding distortions in the Nigerian economy.
The minister said there was no ideal time to implement difficult economic reforms, adding that governments had to make decisions based on the long-term interest of the country.
He said Tinubu deserved commendation for taking the “bullets” associated with the decision despite being a politician preparing for future elections.
Alake also urged Nigerians to be patient with the economic reforms, saying their benefits could not be achieved immediately.
He noted that policies required planning, resource mobilisation, implementation and monitoring before their full impact could be realised.
The minister maintained that the reforms introduced by the Tinubu administration were already producing positive results despite the difficulties associated with their implementation.
Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, triggering a sharp increase in fuel prices and worsening the cost of living for many Nigerians.
While the Federal Government has continued to defend the policy as necessary for economic recovery, opposition politicians have criticised its impact on households and businesses.
