By Gabriel Ameh
The Tinubu Media Support Group (TMSG) has defended President Bola Tinubu’s decision to remove petrol subsidy, insisting that the policy has delivered economic and fiscal benefits that outweigh calls for its restoration.
The group said the President had no reason to regret the decision, arguing that the funds previously spent on fuel subsidy have created additional resources for federal and state governments to finance development projects and social intervention programmes.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said recent developments in the country showed that the removal of the subsidy was a deliberate economic decision with far-reaching implications.
The group cited a World Bank report indicating a 93 per cent increase in revenue accruing to Nigeria’s 36 states and the Federal Capital Territory, arguing that the additional funds had strengthened the capacity of state governments to execute capital projects, settle inherited debts and clear outstanding workers’ salaries.
According to TMSG, the policy has also created fiscal space for the Federal Government to expand social and educational interventions.
It specifically highlighted the Nigerian Education Loan Fund (NELFUND), claiming that more than 1.5 million students had benefited from the student loan programme within less than two years of its introduction.
The group also pointed to the expansion of the targeted cash transfer programme, which it said had reached 10 million households.
On infrastructure, TMSG argued that increased government revenue had supported capital projects, including the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, while also improving funding for tertiary institutions.
It further linked the removal of fuel subsidy to improved foreign exchange stability, arguing that the government no longer needed to commit foreign reserves to financing subsidy payments on imported petroleum products.
The group also identified the operation of the Dangote Refinery as an important development in Nigeria’s evolving petroleum sector.
TMSG Rejects Calls to Restore Fuel Subsidy
The group also criticised proposals by opposition politicians, including former Vice President Atiku Abubakar, to restore fuel subsidy if elected President.
TMSG described such promises as politically motivated, arguing that the rising cost of living should be considered within the context of wider global economic challenges, including tensions and conflicts in the Middle East.
It maintained that Nigeria’s current economic difficulties should not be blamed solely on the removal of fuel subsidy.
Instead, the group urged state governments to make better use of increased allocations to improve the living conditions of residents.
It also called on the Federal Government to accelerate the deployment of Compressed Natural Gas (CNG), improve agricultural productivity and expand access to affordable healthcare and quality education.
TMSG said these interventions would help translate the benefits of subsidy removal into tangible improvements in the lives of Nigerians.
The group maintained that the long-term success of the policy would depend on how effectively governments at all levels convert the additional resources into improved public services and economic opportunities for citizens.
