In a recent statement, former President Muhammadu Buhari has defended his decision not to remove fuel subsidy during his tenure. According to Buhari, implementing the policy would have resulted in the All Progressives Congress (APC) and Bola Ahmed Tinubu losing the election to either Peter Obi of the Labour Party or Atiku Abubakar of the Peoples Democratic Party (PDP).
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In a statement released through his former spokesman, Garba Shehu, President Buhari has expressed his approval of the new administration’s actions towards the removal of subsidy and the unification of the naira exchange rate.
According to Shehu, the statement was issued in response to queries raised by some critics who have been questioning why Tinubu was able to remove the subsidy within a few weeks, while Buhari failed to do so for several years.
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As per his statement, a series of polls have suggested that the ruling party would have faced defeat in the upcoming 2023 election had they implemented the Petroleum Industry Act, which includes the removal of petrol subsidy, at an earlier stage.
In a statement titled ‘Buhari Didn’t Fail To Remove Subsidy’, Garba Shehu has questioned why it took the new Tinubu/Shettima presidency weeks to remove the petrol subsidy, when Buhari had not done so for years. He suggests that the right question has not been asked.
The electricity subsidy, fertiliser subsidy, and subsidies for Hajj and Christian pilgrimages have been identified as major areas of concern due to their significant impact on the economy.Do you recall them? Several subsidy policies, including the diesel subsidy, aviation fuel subsidy, LPFO, kerosene, and cooking gas, have been identified and are currently being implemented. These policies have been firmly established and are actively being enforced.Do you recall them?
As a reminder, it should be noted that a significant number of subsidies were already established prior to President Buhari’s inauguration in 2015. However, as of May 2023, all of these subsidies, including the annual fertiliser subsidy which amounted to a staggering N60-N100 billion and had a cumulative impact of a trillion naira over the course of a decade, will be eliminated from the federal budget.
“So, no. Contrary to popular belief, President Buhari did not eliminate the petrol subsidy. However, he did take significant steps to eliminate other subsidies that were detrimental to the economy and hindered economic growth.
The issue of the removal of subsidies on Premium Motor Spirit (PMS) in Nigeria and the dual rates of the naira in the Central Bank and the parallel market has been a subject of repeated questioning. President Buhari’s alleged failure to address these matters has been a topic of interest. However, I have chosen not to comment on these issues until now.
According to the speaker, the most appropriate entity to address the question at hand is not the former President, but rather the political party known as the APC. In the event that this task is not accomplished, we are compelled to report on the subsequent events.
The speaker expressed their awareness of the current political climate, with a Tinubu/Shettima presidency taking the reins. They emphasised the importance of avoiding any distractions that may hinder the new leadership from tackling the pressing issues facing the nation. It is not our intention to divert attention from them in any manner.
The Tinubu/Shettima administration has been highly successful in terms of the timing of their decisions to remove fuel subsidies and unify the currency, according to sources. The management has exhibited great dexterity in handling the aftermath of their decisions, skillfully avoiding any potential crises. This has been a crucial aspect of their success.
The speaker expressed their hope and desire that their fellow citizens will continue to provide support for the new leadership’s commendable decisions. They specifically called on labour leaders and civil society to collaborate with the government to ensure that the promised relief efforts are effectively carried out.
According to our source, the decision to remove subsidies, as in this particular case and possibly in all situations, was not solely within the President’s authority.
It is crucial to recall that the Buhari administration has been on this trajectory since its inception in 2015, as some may have conveniently overlooked.
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The removal of subsidies for the naira and PMS has been initiated and subsequently suspended. In the Petroleum Industry Act, one can observe, for instance. The crucial decision has been postponed for a more opportune moment. At a time of heightened tensions in the country, it would have been irresponsible for any leader to exacerbate the situation.
According to numerous individuals, including those in the security sector, the task at hand can only be accomplished by a new administration with an abundance of goodwill. This is where the Tinubu government’s intelligence and determination come into play.
In conclusion, it is imperative that we maintain political honesty with ourselves. As the Buhari administration approached its final days, it was unable to fully execute its plans due to the upcoming election that the APC was vying to win. It is worth noting that this scenario would have applied to any political party vying for re-election with a new leader at the helm.
According to numerous polls, the party would have faced removal from office had they proceeded with the decision outlined in the newly enacted Petroleum Industry Act.
Now that the election is over, the focus shifts to the newly appointed leader who is best suited to lead us forward. The speaker expressed unwavering confidence in the ability of the new administration to lead the nation and all its constituents towards a stable future following significant economic and financial decisions.
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As the adage goes, there are instances when one must experience defeat to ultimately emerge victorious.
