Yoruba Ronu backs ADC presidential candidate
ADC presidential candidate Atiku Abubakar’s promise to restore fuel subsidy if elected president in 2027 has unsettled Aso Villa and set tongues wagging across the country. Even President Bola Ahmed Tinubu, who rarely comments on current issues, had to speak loudly in condemnation of his opponent’s statement.
Atiku has, however, been commended by many opinion leaders who question the Tinubu regime’s sincerity in the implementation of the fuel subsidy removal. “Did they actually remove the fuel subsidy?” is the question frequently asked. The NNPCL has revealed that N17.5 trillion was spent on “energy security”. Nobody knows the beneficiaries. While the Buhari government spent N7.83 trillion on subsidy for eight years and Nigerians were paying N180 per litre of petrol, the Tinubu regime has borrowed the country into a debt trap (we owe almost N200trn now), and Nigerians now buy fuel at N1,400 or more per litre. Energy security?
The NDC presidential candidate Peter Obi has always questioned the implementation of fuel subsidy removal by the Tinubu administration, saying it’s opaque and lacks sincerity. If the corruption around the “subsidy” had been removed, fuel would cost less than N600 per litre, he once stated.
Among Atiku’s strong backers has been the Yoruba Ronu Leadership Forum which issued a press release promptly. Its statement:
RESTORING FUEL SUBSIDY: A PATH TO ECONOMIC RECOVERY AND RELIEF FOR NIGERIANS
The Yoruba Ronu Leadership Forum welcomes the recent declaration by His Excellency the Vice President and Presidential Candidate of the African Democratic Congress (ADC) regarding his commitment to restoring the fuel subsidy. This position signals a much-needed departure from the extreme capitalist policies that have plunged the nation into economic despair.
We are grateful for the candidate’s sincerity and his recognition of the stark reality facing the Nigerian people. The removal of the fuel subsidy has not only stunted our industrial growth but has also triggered a devastating ripple effect across the economy. It has led to the retrenchment of trained manpower from industries and manufacturing plants nationwide. The sudden surge in energy costs has made the cost of living unbearable, shrunk real wages, skyrocketed transportation fares, and inflated food prices in every corner of the nation.
Since the ill-suited subsidy removal was implemented in 2023, life has become increasingly unstable. Job opportunities have declined, the cost of essential medicines has become astronomical, and a staggering 139 million Nigerians are now living below the poverty line.
It is particularly fair and just to return to a fuel subsidy regime, especially as the purported gains from the removal have either evaporated into secret accounts or been mismanaged. The current policy has failed the common man, and it is time to prioritize the welfare of the people over abstract economic theories.
The advantages of restoring the fuel subsidy are numerous. We anticipate that:
· The value of our currency will gain traction and stability.
· Wages and the general cost of living will improve.
· Small and Medium Scale Enterprises (SMEs) will experience a revival.
· Interest rates will be crashed, allowing for affordable borrowing.
· Savings culture will improve among citizens.
· The cost of education will adjust, making learning more accessible to the masses.
We are confident that the ADC Presidential Candidate, Alhaji Atiku Abubakar, is genuinely interested in inspiring confidence back into our homes, offices, and markets. His policy direction offers hope to traders, farmers, housewives, artisans, market women, and school children who have borne the brunt of this economic hardship.
We urge Nigerians to give the ADC Presidential Candidate the opportunity to serve them and to restore the dignity of the common man.
Signed:
Akin Malaolu
President, Yoruba Ronu Leadership Forum
