Subsidy Removal: Oodua Groups Backs Tinubu

The Coalition of Oodua Self-Determination Group on Tuesday, appealed to Nigerians to support the removal of subsidy by President Bola Tinubu.

The group said the president took the right decision.

The group, through its leader, Razak Olokoba, made the appeal while speaking in a joint press conference held at the Airport Hotel, Ikeja, Lagos State.

He said Nigeria cannot continue to budget trillions of naira on fuel subsidies alone.

He said, “For this year, 2023, Nigeria budgeted N11 trillion of its oil revenue on subsidising petrol alone. This cannot continue. This is good money going down the drain, with little or nothing to show for it.

“This huge amount can be channelled into solving our several deficits, including, infrastructural, housing, education, healthcare and generally upgrading the quality of life for Nigerians. It will also help strengthen the naira.”

The leader of the Yoruba groups stressed that Nigeria’s economy depends 90 per cent on petroleum exports for its revenue and one-third of its Gross Domestic Product has been zero revenue from the sector, adding, “Tinubu said he inherited the assets and liabilities of the last regime. Nigeria currently owes massive local and foreign debts to the tune of N71 trillion.”

He maintained that if the subsidy is not killed, it will kill Nigerians.

Olokoba explained that since the year 2000 when the Nigerian government gave 20 refinery licences to private companies, none was built apart from Dangote’s recently inaugurated.

Olokoba further encouraged competition in the oil sector, noting that it will bring about lower prices.

Tinubu had in an address after being inaugurated as Nigeria’s president on May 29, announced that “petrol subsidy is gone.”

In other news, Kanyi Daily reported that Mudashiru Obasa has been re-elected as Speaker of the Lagos State House of Assembly for the third term.

Obasa represents the Agege 1 constituency in the assembly.