Majority Leader of the Senate, Opeyemi Bamidele, said on Monday that fuel subsidy beneficiaries made governance difficult for President Bola Tinubu in his first 18 months.
Bamidele expressed confidence that the 2025 Appropriation Act would solve Nigeria’s socio-economic challenges both nationally and at sub-national levels.
He made this known in a statement by his Directorate of Media and Public Affairs in Abuja, highlighting the need to remove fuel subsidy at Tinubu’s inauguration.
Bamidele explained that economic predators fought Tinubu’s administration after the subsidy’s removal, seeking to protect their interests against the wider public good.
9News Nigeria reports that part of his statement were; He said: “I believe the president acted rightly by removing fuel subsidy, which was funded only until May 2023 by the 9th National Assembly.
“Those who made governance difficult were not ordinary Nigerians, but the elite who profited from the fuel subsidy scheme for personal gain.
“They disguised their gains as benefiting the masses, though the common people received nothing from the subsidy regime.”
Bamidele added: “As part of the 9th Assembly, we agreed with the Executive that the subsidy should end for the country’s greater interest.
“Tinubu’s administration followed the policy direction approved before his 29 May 2023 inauguration. Subsidy funding ceased after that date.”
He clarified that the president did not announce removal but simply stated subsidy was gone, because no provision existed beyond May 2023.
“Even without his statement, subsidy would have ended two days after inauguration, due to lack of funding,” he said.
Bamidele therefore warned that retaining the subsidy would have deprived sub-national governments of sufficient transfers from the Federation Account for essential services.
He also noted the country faced the risk of fiscal collapse and possible economic meltdown, as it could no longer sustain subsidy payments.
Revenue saved from subsidy removal now supports sub-national governments, fostering development and stimulating the domestic economy, Bamidele emphasised.
He said running the economy requires strategic action, and results cannot be immediate, though gains are already emerging.
“Without subsidy removal, the economy would have collapsed. The administration has not yet completed two years, but significant reforms are underway.
“If subsidy had remained, the federation’s future would be in grave jeopardy,” Bamidele warned.
He further reassured Nigerians that the 2025 Appropriation Act would tackle challenges at both federal and sub-national levels.
However, he lamented that many people ignore sub-national governments’ roles and funding increases from the Federation Account.
Bamidele noted that state and local governments are also passing their budgets, which should align with national priorities for maximum impact.
He questioned: “Does the 2025 budget focus on citizens’ welfare? Does it prioritise education and other key sectors?”
He asked what share of the budget supports health, social welfare, and agriculture, stressing the need for thoughtful allocation.
Bamidele stated that compared to past years, more is allocated to capital projects, with less for recurrent spending, marking a significant policy shift.
He praised the president’s efforts to stabilise the economy, affirming that there would be no mass retrenchment of workers.
He explained that job losses would worsen the nation’s problems and are not part of this administration’s plans.
On security, he admitted challenges persist but are gradually being addressed, with positive impacts on agriculture and displaced communities.
“Security is improving, IDPs are returning home, and farmers are resuming activities. Things are better, and will improve further soon,” he said.
