JUST IN: Oodua Group Embraces Tinubu’s Subsidy Removal Policy

• The Coalition of Oodua Self-Determination Groups supports Tinubu’s decision to remove fuel subsidy and

• The group urges Nigerians to do the same, emphasizing that Nigeria cannot afford to continue budgeting trillions of naira on subsidy alone.

• They believe the funds allocated to subsidy can be better utilized to address various deficits and improve the quality of life for Nigerians.

EKO HOT BLOG reports that the Coalition of Oodua Self-Determination Groups has made an appeal to Nigerians, urging them to lend their support to President Bola Tinubu’s decision to remove fuel subsidy.

Speaking at a joint press conference held at the Airport Hotel in Ikeja, Lagos State, Mr. Razak Olokoba, the leader of the Yoruba groups, emphasized the necessity of this move, stating that Nigeria cannot continue to allocate trillions of naira solely for fuel subsidy.

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In his address, Olokoba highlighted the significant amount of Nigeria’s oil revenue, amounting to N11 trillion for this year alone, being allocated towards subsidizing petrol.

He expressed concern over this considerable sum of money being wasted without substantial results, stating that it could be better utilized to address various deficits such as infrastructure, housing, education, healthcare, and the overall improvement of the Nigerian people’s quality of life. Furthermore, he emphasized that redirecting these funds would also help strengthen the country’s currency.

Olokoba underlined the heavy dependence of Nigeria’s economy on petroleum exports, accounting for 90% of its revenue, with one-third of the Gross Domestic Product (GDP) derived from the sector. He emphasized that the current regime inherited both the assets and liabilities of the previous administration, including the massive local and foreign debts amounting to N71 trillion.

The leader of the coalition stressed that failure to eliminate the subsidy would have detrimental consequences for Nigerians. He pointed out that despite granting refinery licenses to private companies since 2000, apart from Dangote’s recently inaugurated refinery, none have been built.

Encouraging competition in the oil sector, Olokoba asserted that it would foster lower prices, benefitting the Nigerian populace.

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The coalition’s appeal serves as a call to action for Nigerians to support the subsidy removal and recognize its potential to address crucial deficits while paving the way for a more competitive and affordable oil sector.

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