By Ken Afor
A former governor of Bauchi State, Isa Yuguda, has voiced his opinion that the current economic hardship and high inflation rates faced by Nigerians should not be attributed to President Bola Ahmed Tinubu.
Yuguda made these remarks during the inaugural edition of the Asiwaju Scorecard Series, an event organized by the All Progressives Congress (APC) Professionals Forum in Abuja, Nigeria’s capital.
Yuguda, a former Minister of Aviation emphasized that the nation’s economy had already been in a precarious state before Tinubu assumed office, suggesting that the President inherited an ailing economic situation. Despite notable improvements in the exchange rate of the naira against the US dollar in recent months, the general population continues to grapple with soaring food prices and the adverse effects of inflation.
He said: “The President did not create any of the problems people are talking about whether in the economy or in the other sectors. In fact, what he met on ground would have created a worse situation if not properly handled but he is championing reforms that are required to pave way for a better society.
“We all recall how on assuming office, President Tinubu announced the removal of fuel subsidy but again for the avoidance of doubt, he did not remove subsidy on PMS. It was not in the later part of the 2023 budget but surprisingly the Tinubu administration has had to bear the brunt of subsidy removal.
At the event, Yuguda expressed concern that if Tinubu had not taken drastic measures and reforms, including the removal of fuel subsidies and floating of the naira, Nigeria’s economic situation would have been even more dire, potentially leaving the nation “gasping for breath.”
According to Yuguda, Tinubu inherited several economic burdens exacerbated by factors such as the fuel subsidy scam, widespread corruption within the civil service, and the impact of the COVID-19 lockdown. He alleged that during the lockdown period, the country paid billions of naira to subsidize domestic fuel consumption, which was at an all-time low, further straining the nation’s resources.
“Let me quickly add that my opposition to fuel subsidy has been well documented since the Goodluck Jonathan years when as chairman of a subcommittee on the economic meltdown, we recommended its removal after a discovery of the scam being perpetrated in the name of fuel subsidy.
“A recent study also showed that despite the COVID-19 lockdown of 2020, Nigeria still paid billions of naira for fuel subsidy even though in reality, domestic fuel consumption was very low.
“Indeed, the President has today been proved right with the manner petrol importation has gone down by 50 per cent since June 2023 and it is almost certain to go down more in a few months when Dangote refinery begins to produce PMS locally as well as the impending resumption of production at the Port Harcourt and Warri refineries,” he added.
