Former Bauchi State governor, Isa Yuguda, has asserted that President Bola Tinubu should not shoulder blame for the current economic hardships and soaring inflation in Nigeria. Yuguda contended that Tinubu’s implementation of drastic measures and reforms, such as the removal of fuel subsidy and the floatation of the naira, prevented the country from facing severe crises.
Yuguda presented his arguments during the inaugural edition of the Asiwaju Scorecard Series, organized by the All Progressives Congress Professionals Forum. He emphasized that the economy was already in dire straits before Tinubu assumed office, inheriting a plethora of challenges exacerbated by issues like the subsidy scandal, pervasive corruption in the civil service, and the economic downturn induced by the COVID-19 lockdown.
He stated, “The President did not create any of the problems people are talking about, whether in the economy or in other sectors. In fact, what he met on the ground would have created a worse situation if not properly handled, but he is championing reforms that are necessary to pave the way for a better society.”
Yuguda clarified that Tinubu’s administration did not remove fuel subsidy on Premium Motor Spirit (PMS) but had to endure the consequences of subsidy removal nonetheless. He reiterated his longstanding opposition to fuel subsidy, tracing it back to the Goodluck Jonathan era, when he chaired a subcommittee that recommended its removal due to discovered scams associated with it.
Highlighting the impact of the COVID-19 lockdown, Yuguda revealed that despite decreased domestic fuel consumption, Nigeria still incurred substantial costs for fuel subsidy. He pointed out that petrol importation has significantly decreased by 50% since June 2023, indicating the effectiveness of Tinubu’s policies. He anticipated further reductions in fuel imports with the commencement of operations at the Dangote refinery and the resumption of production at the Port Harcourt and Warri refineries.