Nigeria Earned N15trn From Fuel Subsidy Removal — APC Professionals

By Jude Opara

A group within the ruling All Progressives Congress (APC), known as the APC Professionals Forum, has declared that the removal of fuel subsidy has earned the country more than N15 trillion since its implementation.

Chairman of the forum, Dr Isa Yuguda, who disclosed this on Tuesday at a policy roundtable organised by the group to evaluate the achievements of President Bola Tinubu’s administration, said the increase in revenue had made it easier for the different tiers of government to discharge their responsibilities.

Yuguda said the theme of the roundtable, “Dissecting the Renewed Hope Deliverables & Achievements,” was carefully chosen to reflect the aim of the organisers, which is to provide a platform for constructive and intellectual conversations on issues affecting the country.

He said the roundtable was also designed to provide an opportunity for the party to evaluate its achievements and prepare to engage Nigerians on them, as the upcoming election would be issue-based.

“The 2027 presidential election should, therefore, be about issues, achievements and realistic solutions. One of the most significant reforms of the President Tinubu administration is the removal of fuel subsidy. To understand this decision, Nigerians must appreciate its historical context,” he said.

According to him, the subsidy system had never been beneficial to the country because it was fraught with several irregularities and corruption.

“The additional fiscal space created by the subsidy reform has strengthened the capacity of the federal, state and local governments to address critical national priorities, with over ₦15 trillion reportedly saved following the removal of fuel subsidy.

“As Chairman of the Fuel Subsidy Task Force in 2009, I led a committee that examined the subsidy regime and uncovered serious irregularities, fraudulent practices and financial leakages that placed a huge burden on the Nigerian economy.

“The subsidy system had become inefficient and consumed enormous public resources that could have been invested in education, security, agriculture, healthcare, infrastructure and other productive sectors. Its removal was, therefore, a difficult but necessary reform intended to redirect national resources towards long-term development.

“President Tinubu demonstrated the political courage to implement a reform that previous administrations had acknowledged as necessary but could not fully execute,” Yuguda said.

Yuguda further warned Nigerians to be cautious about what he described as the “bogus promises” of the presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar, who he said had promised to restore the fuel subsidy regime if elected.

“As we approach the 2027 election, Nigerians must carefully evaluate political promises, particularly those relating to the return of fuel subsidy. The proposal by former Vice President Alhaji Atiku Abubakar to restore subsidy may appear attractive to citizens seeking immediate relief, but it must be examined against our national experience.

“The old subsidy regime was associated with massive leakages, fraudulent claims, inefficiency and a significant drain on public finances. Presenting a return to that system without clearly addressing these problems risks misleading Nigerians for short-term political gain and could reverse the fiscal space now supporting critical national investments,” he said.

Yuguda said that while every Nigerian has the democratic right to present alternative policies, economic choices must be guided by facts, experience, sustainability and the long-term interests of the country.

He described the forum as a bridge through which government policies could be examined, explained and communicated to Nigerians.

He added that the group intends to continue providing a platform for citizens’ engagement, noting that, in line with democratic principles, the forthcoming general election should be based on achievements and issues.