Arewa Economic Forum Asks Tinubu To Reconsider Fuel Subsidy Removal

The Arewa Economic Forum (AEF) has reiterated its stance on the urgent need for President Bola Ahmed Tinubu to reconsider the petrol subsidy policy announced by his administration during the inauguration on May 29, 2023.

Addressing journalists at a press conference in Abuja on Thursday, the chairman of the forum, Ibrahim Shehu Dandakata, emphasised that state governors are the primary beneficiaries of the subsidy removal policy, to the detriment of the Nigerian populace.

Dandakata highlighted, “We have observed that the substantial funds available to state governors are not being reinvested to stimulate state economies or utilised to provide relief for the citizens.”

He said despite the recent increased FAAC allocations, some states have failed to translate these windfalls into tangible improvements in the lives of their residents.

Acknowledging President Tinubu’s pre-election pledge to remove fuel subsidies, Dandakata expressed concern over the unforeseen hardships resulting from this decision. He emphasised that while the subsidy removal has led to substantial increases in FAAC disbursements to states, its impact on the lives of the masses remains questionable.

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“We urge President Tinubu to reassess the subsidy removal policy and consider redirecting the additional funds provided to states towards reinstating PMS subsidies. Urgent action is necessary if the President is unable to compel governors to be more accountable within the bounds of his constitutional authority,” Dandakata urged.

Addressing the proposal for state police, Dandakata voiced reservations, citing concerns about potential misuse by governors for political purposes. Instead, he proposed the revival and expansion of the Police Constabulary at the federal level, with states required to provide necessary logistical support for localised policing initiatives.

Regarding the ongoing forex crisis, Dandakata called upon the federal government to demonstrate the political resolve needed to stabilise the Naira’s value against the rising dollar, emphasising that the dollar is not a legal tender in Nigeria.