Bayo Onanuga, the special adviser to the president on information and strategy, has defended President Bola Tinubu’s decision to remove the petrol subsidy on the day of his inauguration, stating that it was in the best interest of Nigerians. According to Onanuga, Nigeria was facing serious financial difficulties, prompting Tinubu to act swiftly before the situation worsened.
Onanuga’s comments came in response to an interview by Babachir Lawal, a former secretary to the government of the federation, who criticized Tinubu’s announcement as hasty and driven by arrogance, lacking due consultations with relevant stakeholders.
Onanuga clarified that there was no provision for subsidy in the budget left behind by former President Muhammadu Buhari. He also highlighted the dire financial straits the country was in, citing the Nigerian National Petroleum Corporation’s inability to import petrol due to a N4 trillion debt owed by the federal government.
Addressing Lawal’s criticism, Onanuga said, “The truth is, the subsidy was meant to be removed by the end of June 2023 according to what former president, Muhammadu Buhari left behind.”
He further explained, “President Tinubu only announced it on May 29 on the day he was sworn in. That is to show you that something is wrong somewhere and that the nation had a problem at that time.”
Onanuga emphasized the severity of the situation, recalling that before Tinubu’s inauguration, fuel scarcity was rampant, with prices reaching as high as N700 – N800 in some areas. He attributed this scarcity to NNPC’s financial struggles due to the substantial subsidy debts owed by the federal government.
“Tinubu knew the problem and that was why he made the announcement on the day of his inauguration,” Onanuga stated. “The language he used was ‘Subsidy is gone’ because even in the budget, there was no provision for it.”
He urged Nigerians to remember the challenges the country was facing at the time, stressing that without Tinubu’s decisive action, the situation could have deteriorated further. Onanuga acknowledged that while the measures taken by Tinubu were painful, they were necessary to reset the economy and stabilize the country’s finances.
