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‘Buhari spent $26bn on fuel subsidy in 8 years’

June 2, 2023

backs removal by President Tinubu….






As many are protesting the removal of fuel subsidy in Nigeria due to the high increase in pump price and prices of commodities, Dr. Tofunmi Ogunronbi has stated that the country spent an outrageous $26 billion in the venture through Buhari’s 8-year-tenure.

The former Governorship candidate of the National Rescue Movement (NRM) in Ogun State, popularly known as DTO said the last administration between 2016- 2023 spent 1.7 trillion naira ($26bn), which was highly exorbitant.

He said: “The only reason our refineries are not working is because some people are benefiting from the venture. The president needs to be deliberate this time so as to revive the economy of our great nation.

“Today, everyone is accusing the President for removing fuel subsidy on the day of his inauguration but if I may ask when is the best time to remove the fuel subsidy? The country spends more than $850 million each month on fuel subsidies, according to the Nigerian National Petroleum Company Limited. The last administration between 2016- 2023 spent 1.7 trillion naira ($26bn), which was highly exorbitant.

“During the February 2023 election campaign, all the three major presidential candidates stated in their campaign manifesto their plan to remove the subsidy and introduce oil sector reforms. So, if the President is removing it now, it makes sense considering the economic value. I feel this is the best time we revive our local refineries. Is it possible one have a clean borehole already drilled in your compound without the pumping machine and instead of placing order for the pump, you rather decided to go and fetch water in another location that is more than 2km to your house?.

“As an oil and gas consultant, I will rather advise the presidency to set up a regional oil reform act where the 36 state governors and FCT will be distributed into the six geo-political to implement their post subsidy removal plans for their various states and also saddled with the responsibility to revive the refineries at their various locations. This will make the governors to be more proactive and beholden, having in mind that if a particular state governor fail to deliver, it will be obvious to the whole nations that there is fuel crisis in a particular state and then , it will affect the region as a whole.

“What I am having concern for is the widespread economic consequences on 133 million people who live in multidimensional poverty. These people are at the receiving end of the removal of fuel subsidy which will affect high cost of household items, hike in transportation cost. An average Nigerian cannot afford to buy food stuff in large quantity, rather they will buy at retail shops close to their house which make them to spend more on food consumption compared to the rich class who can buy food stuffs in bags on monthly basis. I will urge our new president to ensure regular power supply, and improve rail and other means of transport to reduce the costs citizens expend on petroleum products and consumption items,” he stated.

In a press statement issued to newsmen by DTO Support Group, he further added that: “We are all aware that Nigeria got her independence in 1960 and it wouldn’t have been so without our patriotic and visionary leaders. It’s indeed a fortunate event for Nigeria to have been liberated.  Since we have been independent, we are in control of our economy, education, agriculture, finance, and transportation.

“Let’s look into the future and place Nigeria in the rightful state of becoming a successful nation where she will gain back her pride as ‘Giant of Africa’ with more international recognition and respect.” He stated.

Source: Nigerian Tribune

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