Tinubu joins Obi in declaring that he will scrap Nigeria's petrol subsidy if elected president

FORMER Lagos State governor and All Progressives Congress (APC)  presidential candidate Asiwaju Bola Tinubu has vowed to remove the subsidy on petrol if elected as Nigeria's president in next month's elections.

Nigeria's government currently spends an average of $43.8m daily on petrol subsidies under a crippling programme thought to have cost the state a total of $15bn in 2022. Due to this wasteful programme, Nigeria fails to benefit from any increases in global crude oil prices as any gains are lost to the subsidy.

With economists and financial analysts in agreement that Nigeria cannot afford the subsidy, there have been moves to remove it in the past but none have been successful. Speaking with business leaders in Lagos yesterday, Asiwaju Tinubu said funds spent on fuel subsidies would be redirected to public infrastructure, health and physical policies, among others.

He added: “We must remove the petrol subsidy immediately. We will redirect funds to public infrastructure, health and affordable infrastructure. Physical policy will be the main driver, we must steadily move out budget from dollar-dominated oil revenue.”

Similarly, the Labour Party presidential candidate Governor Peter Obi had described the fuel subsidy in Nigeria as an organised crime. He too has vowed to remove the fuel subsidy if elected president next month.