Subsidy Removal: Isolo APC Chief Backs Reform, Seeks Relief

The removal of fuel subsidy has improved Nigeria's economic prospects, but the Federal Government must do more to shield vulnerable citizens from its effects, says Mr Tonade Akinwale, Chairman of the All Progressives Congress (APC) in Isolo Local Government Area of Lagos State.

 

He conceded that the policy had brought hardship to Nigerians, especially through rising transport and food costs.

 

"The removal of fuel subsidy was undoubtedly a difficult decision, and I understand the hardship it initially brought upon Nigerians," Akinwale said.

 

Akinwale argued that the old subsidy regime weighed heavily on public finances and starved sectors such as infrastructure, education and healthcare of funds.

 

"Those resources could have been deployed to infrastructure, education, healthcare, security and other areas that directly affect the lives of citizens," he said.

 

In his view, removing the subsidy was necessary, but government must make sure the gains of the reform reach Nigerians in concrete ways.

 

He said the policy should be judged not only by the pump price of petrol but also by its effect on government finances, investment, production, employment and the long-term sustainability of the economy.

 

"Has it immediately translated into prosperity for every Nigerian? No. That would be unrealistic to claim. Nigerians have gone through significant short-term pain," he said.

 

The APC chieftain rejected calls to bring back the former blanket subsidy, saying such a move could put public finances under the same pressure again.

 

"I do not support a return to the old, blanket fuel subsidy system. Reversing the policy would take us back to a model that placed a huge burden on public finances," he said.

 

Instead, he called for stronger social protection, better public transport, more local refining capacity, support for small businesses and improved electricity supply.

 

"What I support is a people-centred reform of the present system, with stronger social protection, better public transportation, investment in local refining and deliberate measures to reduce the cost of living," Akinwale said.

 

 

Akinwale said President Bola Tinubu's administration had shown a willingness to take on difficult economic reforms, including changes to fuel subsidy, foreign exchange, taxation, public revenue and monetary policy.

 

He acknowledged his political position but said his support for the reforms went beyond party loyalty.

 

"As Chairman of the ruling APC at the local government level, I will naturally defend the administration and its policies, but my defence is not based merely on political loyalty," he said.

 

He urged an objective assessment of the reforms, saying their success would ultimately depend on whether they improve the living conditions of Nigerians.

 

"The greatest test before this administration is how to convert macroeconomic improvement into improvement in the daily lives of ordinary Nigerians," he said.

 

According to him, economic growth should show up as affordable food, jobs, better wages, reliable electricity, improved infrastructure and greater purchasing power.

 

Akinwale said government should stay the course on the reforms while reviewing them regularly to reduce their impact on the vulnerable.

 

"We should not abandon necessary reforms simply because they are painful. Rather, government must ensure that the vulnerable are protected while the economy adjusts," he said.

 

He urged Nigerians to keep the long-term goals of the reforms in view, while expecting government to make their benefits more widely shared.

 

"The administration is on the right reform path, but the journey is not yet complete. The next phase must be about making the gains of these reforms more inclusive," he said.

 

Akinwale said the goal should be an economy whose benefits are felt in citizens' daily lives, not only reflected in official indicators.

 

"For me, the objective is not simply to have a stronger economy on paper. We want an economy that is stronger in the homes, businesses and communities of Nigerians," Akinwale said.