The Tinubu Media Support Group (TMSG) has said President Bola Tinubu has nothing to regret over his decision to end the fuel subsidy, insisting that the gains recorded since he took office outweigh the case being made for its return by some opposition presidential candidates.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said recent developments in the polity show that the decision was well thought out.
“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 opposition candidates seeking to win over eligible voters would say anything, including making empty promises, to stand a chance against the president in the forthcoming election.
According to TMSG, the removal of the subsidy freed up more funds for the subnationals, pointing to a recent World Bank observation of a 93 percent increase in revenue accruing to the 36 states and the Federal Capital Territory.
It acknowledged that some people have played down the increase because of the devaluation of the naira, but maintained that state governments are now able to execute more capital projects, pay off inherited debts and clear backlogs of workers’ salaries more than ever before.
“So if any governor is achieving more than his predecessor in the area of projects, it is as a result of President Tinubu’s decision to put an end to fuel subsidy,” the group stated.
At the national level, the group said enough fiscal space had been created for the introduction of student loans for indigent students. It noted that in less than two years, more than 1.5 million students have benefited from the Nigerian Education Loan Fund (NELFUND).
It added that more Nigerians are now captured in the expanded targeted cash transfer system, which it said has reached 10 million households.
TMSG also linked the decision to increased funding for capital projects across the country, including legacy projects and the continued work on inherited ones such as the Ajaokuta Kaduna Kano (AKK) gas pipeline, which it said is nearing completion under President Tinubu.
The group further credited the policy for increased funding to tertiary institutions, which it said has brought lasting peace to the universities.
It observed that there has been no nationwide strike in the university system since the administration assumed office in May 2023, and described this as no coincidence.
On the economy, TMSG said the stability of the exchange rate is rooted in the subsidy decision because the country no longer has reason to dip into its foreign reserves to fund subsidy payments.
It added that the Dangote Refinery, described as the world’s largest single train refinery, is operating well because the government is not paying subsidy on imported fuel.
The group also responded to the campaign promise by former Vice President Atiku Abubakar to restore the subsidy if he wins the January 2027 presidential election.
“We are however aware of the advocacy by some presidential candidates for the return of fuel subsidy in recent months as a result of the spiralling rise in fuel price and the consequent rise in cost of living,” it said.
It, however, noted that the world is passing through a cost of living crisis stemming from the conflict in the Middle East, as shown by the global trend of protests, and said it makes little sense to blame the country’s cost of living challenges on the subsidy decision.
TMSG urged Nigerians to focus on ensuring that state governments, which now have more funds, do more to touch the lives of citizens.
“And as for the federal government, we look forward to the President’s promise of an accelerated deployment of CNG, improved agricultural productivity, and increased access to affordable healthcare and quality education as part of the dividends of the removal of fuel subsidy,” the group added.
