Lagos, June 4, 2023 – Prof. Tai Balofin, a Chieftain of the All Progressives Congress (APC), has pleaded with Nigerians to trust President Bola Tinubu to work out palliatives to cushion the effect of fuel subsidy removal.
Balofin, who is the Chairman of APC USA, made the plea on Sunday, saying that the challenges of fuel subsidy removal would soon be over.
He said that the removal of the subsidy was in the country’s best interest and appealed for patience with Tinubu’s administration on the removal of fuel subsidies.
“I just want to plead with all Nigerians to be patient and have an understanding of the situation,” Balofin said.
The APC chieftain said that Nigerians abroad were also feeling the pains of the removal of the subsidy as though they reside in Nigeria,
He expressed confidence in the ability of the Federal Government under Tinubu to find a way around the situation.
“I trust that the president will put some measures in place to cushion the effect of the subsidy removal so it does not go overboard,” he said.
Balofin said that in other countries, especially in the United States, the cost of fuel ranged from $3.40 to $3.50 per gallon when compared to what we buy in Nigeria.
“Again, the important thing is that if there is fuel, even if it is expensive, it is going to balance the equilibrium as soon as possible.
“But I trust President Tinubu, he is a strategic person who knows what to do and how to manage Nigerians and resources. I believe we will start enjoying the benefit any time soon,” he said.
Balofin said the decision to remove the subsidy was collectively taken by stakeholders, including members of the House of Representatives who had gone through the rudiments of the removal.
He said it was, therefore, the responsibility of the lawmakers to appeal to Nigerians about the positive impact of the removal.
Mr Tunde Doherty, another chieftain of APC in the Diaspora, said the United Kingdom did not pay subsidies on its petroleum products.
He described petrol subsidy as an ‘infectious enjoyment’ that had been allowed to thrive for too long in Nigeria.
“We have to be very factual and truthful to Nigerians at the start of this regime, fuel subsidy has not helped us in any way.
“Rather, it has become a kind of infectious enjoyment in Nigeria because the determinant of pricing is the marketers.
“Now that there is no subsidy, I agree that it might be very difficult for people at this time, but I can tell you that President Tinubu is in charge of the situation.
“Within the next few months, he will cushion the effect of what Nigerians have suffered,” Doherty assured.
He said that prices of petrol in the United Kingdom and the United States were not equal because there was no subsidy anywhere.
“In the UK today, we have Costco Oil selling for £1.3 and we have Sabre (Oil and Gas) selling for £1.7. So it is a liberalized economy with petrol.
“We cannot continue to let Nigerians suffer; we have to start by telling them the truth about oil subsidies. It does not take us anywhere. It is just pretentiously putting us in a future we cannot predict.
“There is no subsidy where we live in the Diaspora and we enjoy fuel, we have never experienced fuel scarcity. The time for us to enjoy that Renewed Hope is here,” Doherty said.
President Tinubu, while delivering his inaugural speech on May 29, said the Federal Government could no longer sustain fuel subsidies.
Pump price of petrol is now between N500 and N550 per litre across Nigeria depending on the location.
The Nigeria Labour Congress (NLC) has rejected the new prices and has called for a nationwide strike from Wednesday to force the government to reverse its decision.
The congress said it would not go back on its decision except government reversed the increase of the price of petrol to its earlier price. (GBN)
