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Onanuga Defends Tinubu’s Swift Fuel Subsidy Removal
Eko Hot Blog reports that President Bola Tinubu acted in Nigeria’s best interest by swiftly removing the petrol subsidy after taking office, according to his Special Adviser on Information and Strategy, Bayo Onanuga.
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In an interview with TheCable, Onanuga defended Tinubu’s controversial decision to scrap fuel subsidies on inauguration day in May 2023. He said Nigeria faced dire financial straits that demanded urgent action.
“President Tinubu only announced it on May 29 on the day he was sworn in. That is to show you that something is wrong somewhere and that the nation had a problem at that time,” Onanuga stated.
He noted the NNPC warned it was owed N4 trillion in unpaid subsidy debts and could no longer import petrol, causing shortages and price hikes up to N800/litre before the inauguration.
Onanuga challenged that the 2023 budget left by former President Muhammadu Buhari included no subsidy provision and 97% of income for debt servicing. Tinubu recognized the severity of the economic situation and knew subsidy had to end immediately.
“Tinubu knew the problem and that was why he made the announcement on the day of his inauguration. The language he used was ‘Subsidy is gone’ because even in the budget, there was no provision for it,” Onanuga added.
While acknowledging the removal’s pain, Onanuga argued Tinubu’s decisive action prevented worse disaster. He said the past nine months have shown early tough choices are resetting Nigeria’s finances.
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Onanuga was responding to ex-SGF Babachir Lawal’s criticism that Tinubu’s subsidy termination was arrogant and unilateral. But the presidential aide maintains it was in the country’s best interest given the economic emergency at the time.
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