The Tinubu Media Support Group (TMSG) has said President Bola Tinubu has no reason to regret the removal of fuel subsidy, arguing that the policy has expanded government revenue and created fiscal room for investment in critical sectors.
The group maintained that the benefits of the policy since the Tinubu administration assumed office outweigh calls by some opposition politicians for its reversal ahead of the 2027 presidential election.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said recent developments had demonstrated the economic and fiscal implications of the decision.
“We are surprised that there is still some form of conversation in the country over the decision by President Bola Tinubu to affirm the removal of subsidy on assuming office,” the group said.
It argued that the removal had freed up resources for distribution to state governments and the Federal Capital Territory, citing a World Bank report which it said indicated a 93 per cent increase in revenue accruing to the 36 states and the FCT.
According to TMSG, the increased allocations have enabled state governments to execute more capital projects, settle inherited debts and clear outstanding salary arrears.
The group maintained that the ability of some governors to deliver more projects than their predecessors was partly attributable to the additional resources made available through the removal of fuel subsidy.
At the federal level, the group said the policy had created fiscal space for interventions such as the Nigerian Education Loan Fund (NELFUND), through which it claimed more than 1.5 million students had benefited in less than two years.
It also cited the expansion of the targeted cash transfer programme, which it said had reached 10 million households, as well as increased funding for capital projects and infrastructure development.
TMSG further identified the removal of subsidy as one of the factors supporting increased investment in tertiary education, arguing that improved funding had contributed to industrial peace in the university system since May 2023.
The group also linked the policy to improved foreign exchange stability, saying the government no longer had to draw on foreign reserves to meet subsidy payments on imported petroleum products.
It added that the policy had created a more favourable environment for the operation of the Dangote Refinery, which it described as the world’s largest single train refinery.
On calls for the restoration of fuel subsidy, including the position reportedly canvassed by former Vice President Atiku Abubakar, the group said the rising cost of living should be considered within the context of wider global economic pressures.
TMSG argued that the cost of living crisis was not peculiar to Nigeria, pointing to the impact of conflicts in the Middle East on global economic conditions.
It urged Nigerians to hold state governments accountable for translating increased federal allocations into tangible improvements in citizens’ welfare.
The group also called for accelerated implementation of the Federal Government’s commitments on compressed natural gas (CNG), agricultural productivity, affordable healthcare and quality education.
It said these interventions, alongside other measures, should help translate the fiscal benefits of subsidy removal into improved living conditions for Nigerians.
