Former Governor of Bauchi State, Isa Yuguda, has stated that President Bola Tinubu, cannot be held responsible for the current economic hardship and high inflation facing Nigerians.
Speaking at the first edition of the Asiwaju Scorecard Series organized by the All Progressives Congress Professionals Forum in Abuja on Tuesday, Yuguda emphasized that the economy was already in a critical condition before Tinubu assumed office.
In recent months, Nigerians have been grappling with the rising cost of food items and inflation, despite an improvement in the exchange rate of the naira against the dollar.
However, Yuguda insisted that the Tinubu administration should not be solely blamed for the economic challenges.
“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,” Yuguda said.
He expressed concern that without Tinubu’s decisive measures and reforms, including the removal of fuel subsidy and floating of the naira, Nigeria’s economic situation would have been dire.
Yuguda highlighted that the president inherited several burdens, including the subsidy scam, rampant corruption in the civil service, and the effects of the COVID-19 lockdown.
He pointed out that during the lockdown, the country allegedly paid billions of naira to subsidize domestic fuel consumption, which was at an all-time low.
“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,” Yuguda noted.
Yuguda further explained his longstanding opposition to the fuel subsidy, which he has documented since the Goodluck Jonathan administration.
As chairman of a subcommittee on the economic meltdown, he recommended its removal after uncovering the scam 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,” he added.
He pointed out that the President’s decision to remove the subsidy has been validated by the significant reduction in petrol importation since June 2023, which has decreased by 50 percent.
Yuguda also expressed optimism about further reductions in importation when the Dangote refinery begins local production of PMS and the Port Harcourt and Warri refineries resume operations.
“Indeed, the President has today been proved right with the manner petrol importation has gone down by 50 percent 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,” Yuguda concluded.
