Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has again spoken in defence of the removal of petrol subsidies, saying it is the best decision ever taken by President Bola Tinubu.
“Removing subsidies is the best decision we made as a country,” Mr Oyedele said while speaking at The Platform during the weekend. “And we can now say that, for once, the subsidy is gone.”
The fuel subsidy removal and other economic policies of the Tinubu-led administration have plunged Nigerians into unprecedented hardship, with many accusing Mr Tinubu of insensitivity towards the plight of the masses.
However, Mr Oyedele said, “Nigerians were living in window-dressed realities” in the past, claiming the bold decision was taken in the interest of the country’s growth and development.
“If you look back about two years ago, the naira exchange rate was N450, depending on who you asked. But was our exchange rate really N450? If you wanted to buy petrol, it was under N200 per litre, but was it really under N200 per litre?
“Nigeria used all its revenue to service debts. We were not paying debts back; we were just servicing them. In other words, everything else we did—from paying salaries to fighting Boko Haram—was funded by borrowing,” he noted.
Mr Oyedele cautioned Nigerians against cursing the country, stating that worse realities abound even in many advanced nations.
“There is nothing wrong with Nigeria. But maybe there is something wrong with the people ruling Nigeria. In America, people get killed every day by gunmen. But have you ever heard Americans say, ‘May America never happen to you?’ Let’s stop saying, ‘May Nigeria never happen to you.’ Maybe we can turn it into, ‘May Nigeria work for me’,” he added
The tax expert further expressed confidence in Mr Tinubu’s economic reforms, insisting Nigeria’s unchecked reliance on borrowing was unsustainable.
