In a recent interview with Trust TV from 19:46, Senator Yusuf Abubakar criticized the removal of fuel subsidy by President Bola Ahmed Tinubu describing the decision as hasty and ill-advised.
The senator expressed concern over the economic consequences of the move and suggested that the policy was implemented without sufficient groundwork.
“When President Bola Tinubu came, first day he said subsidy is gone,” Senator Abubakar said. “With due respect, I think it was a speculative statement because at that point in time, I don’t know the kind of data that he has.”
The senator questioned the basis on which the president made such a far-reaching declaration on his first day in office. He argued that the decision lacked the proper consultation and analysis required for such a sensitive economic reform.
According to Abubakar, President Tinubu should have waited until he had assembled his cabinet and gathered comprehensive data before making such a critical announcement.
“He should have waited to see, maybe after forming his cabinet and then he has gotten much more information to determine whether they can remove the subsidy once or they can stagger it over a period of time,” the senator added.
The removal of fuel subsidy in May 2023 led to immediate hikes in the price of petrol and triggered inflation across various sectors of the economy. While the federal government has defended the move as necessary to save public funds and attract investment, many Nigerians continue to face the harsh economic impact of the decision.
Senator Abubakar’s comments reflect growing criticism from lawmakers and the public who argue that the policy though perhaps inevitable was poorly timed and executed without adequate cushioning for vulnerable populations.
