By Abiola Olawale
The Independent Media and Policy Initiative (IMPI), a policy think-tank based in Abuja, has condemned the Peoples Democratic Party (PDP) for its profligate spending on the contentious fuel subsidy regime during its 16-year tenure.
According to IMPI, the PDP government allegedly frittered away a sum of N191 trillion on fuel subsidies, in a move that was a drain on the country’s resources.
The group alleged that during the PDP administration, the federal government was purportedly recording a loss of N1 trillion every month.
At a news conference on Monday, April 29, in Abuja, the IMPI chairman, Chief Niyi Akinsiju, commended President Bola Tinubu for ending the fuel subsidy regime, adding that Nigerians have begun to see the impact as the federal government is now saving N1 trillion monthly.
The group also urged the president to stay strong on his policies, saying that some power brokers are attempting to bring the fuel subsidy regime back.
The group also called on the president to monitor and ensure compliance enforcement in the implementation of all infrastructural projects across the country, to ensure that all projects are completed to time and specifications.
Akinsiju said: “Our findings indicated that the Tinubu economy saves an average of N1 trillion monthly from the withdrawal of petrol subsidy in June 2023, while the three PDP regimes (from 1999 to 2015 at eight years, two and half years, and five and half years, accordingly) recorded a monthly loss from petrol-subsidy of N1 trillion for 16 years, amounting to a total of N192 trillion.
“Little surprise, therefore, that Nigeria ranks among nations with the worst record of infrastructural deficit in the world.
“The presidential embargo on foreign trips by government officials further confirms the passion and seriousness of President Bola Tinubu to reduce the cost of governance in the country.
“The president’s action is ensuring prudence and discipline in the federal government’s spending, particularly now that the implementation of the capital expenditure component of the 2024 budget has commenced.
“We therefore call on the sub-nationals to emulate the president in curbing wastages in their financial expenditures, so that meaningful development can be adequately delivered to Nigerians at the grassroots, especially now that there is an increased allocation from FAAC.”
While calling on the governors to refrain from acts that are capable of jeopardizing the ongoing efforts by President Tinubu to secure the nation, Akinsiju said as Chief Security Officers in their respective states, it would be counter-productive for governors to act at variance with the president on matters of national security and associated policies.
“We, however, admonish state governments on their part to refrain from acts that are capable of jeopardizing the ongoing efforts by President Tinubu to secure the nation,” Akinsiju said.
“As Chief Security Officers in their respective states, it will be counter-productive for governors to act at variance with the president on matters of national security and associated policies.”
The policy group also expressed support for the existablishment of the Renewed Hope Infrastructure Development Fund (RHIDF) to bridge the nation’s infrastructural gap, saying such has opened a new vista in the general expectation of the benefits of petroleum subsidy removal.
“We note with great interest, the potential sources of funding targeted by the RHIDF to raise N20tn (about $14bn) for its take-off grant, and we strongly suggest that a significant percentage of the savings from the withdrawal of subsidy be made available to RHIDF for the development of infrastructures across the nation,” Akinsiju said.
“Furthermore, we submit that it is important for the federal government to erect permanent signposts at the site of every infrastructural project that is accomplished with savings from petroleum subsidy withdrawal so that Nigerians will appreciate the positive impact of the withdrawal of subsidy, and be happy that their sacrifices are not in vain.
“It is in the light of the foregoing suggestions, that we urge the president to emphasize the process of monitoring and compliance enforcement in the implementation of all infrastructural projects across the country, to ensure that all projects are completed to time and specifications.”
