A Yoruba socio-cultural association, Coalition of Oodua Self-Determination Group, has appealled to Nigerians to support President Bola Tinubu’s decision on removal of petrol subsidy.
Speaking at a joint press conference on Tuesday, leader of the Yoruba group, Razak Olokoba, said Nigeria cannot continue to borrow to subsidize petrol.
According to him, petrol subsidy benefits only a few adding that the policy has led to waste of public funds.
“In 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,” he said.
“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.”
Olokoba stressed that Nigeria’s economy depends on petroleum exports for its revenue and one-third of its Gross Domestic Product has been zero revenue from the sector.
“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. If we don’t kill subsidy, it will kill us,” the group’s leader declared.
