Senate Majority Leader, Opeyemi Bamidele, has said that key beneficiaries of the petrol subsidy made governance difficult for President Bola Tinubu in the first 18 months of his administration.
Bamidele, who represents Ekiti Central Senatorial District, stated this in a statement issued on Monday, blaming economic predators for fighting and undermining the administration due to Tinubu’s removal of fuel subsidy.
“I am convinced that the president did the right thing by removing the fuel subsidy, for which the 9th National Assembly made provision till May 2023,” Bamidele said.
“But the people that made governance difficult for President Tinubu were those benefiting from fuel subsidies. It was not common men and women of this country who were benefiting from the fuel subsidy.
It was members of the cabal who had access to the fuel subsidy. They are the ones taking away this privilege all in the name and on behalf of the masses. And the masses did not benefit from it.”
The lawmaker explained that the decision to end the subsidy was based on a policy direction approved by the National Assembly before Tinubu’s inauguration on May 29, 2023.
Bamidele clarified that the 2023 budget only provided for fuel subsidy payments until May 2023, making its continuation impossible.
“He did not say he was going to remove the fuel subsidy. He simply said fuel subsidy was gone because the National Assembly only made provision for it till May 2023.
“ Even if he did not say it, the fuel subsidy would have gone two days after his inauguration,” he said.
According to him, retaining the subsidy would have deprived sub-national governments of adequate statutory allocations, potentially leading to a fiscal crisis and economic downturn.
“The proceeds realised from the petrol subsidy removal are now being allocated directly to the sub-national governments to drive development and boost the domestic economy,” he added.
Bamidele stressed that managing an economy requires strategic decisions that do not yield immediate results but are necessary for long-term stability.
“If the subsidy had not been removed, our economy would have been in shambles or would have been flat on the floor,” he warned.
The Senate leader also assured Nigerians that the 2025 Appropriation Act would tackle various economic challenges, benefiting both national and sub-national levels.
He noted a major shift in government spending, with more funds allocated to capital expenditure rather than recurrent expenses.
“Compared to the previous fiscal years, the federal government is devoting less to recurrent expenditure while more is being devoted to capital expenditure,” he said.
“That is a major shift from what had been in practice since the return to democracy. It means we are spending less on consumables.”
Bamidele urged Nigerians to remain patient, insisting that the ongoing economic reforms would ultimately strengthen the country’s financial position.
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