On Tuesday, former Governor of Bauchi State, Isa Yuguda, stated that President Bola Tinubu should not be held responsible for the current hardship and high inflation that Nigerians are facing. Speaking at the first edition of the Asiwaju Scorecard Series organized by the All Progressives Congress Professionals Forum in Abuja, Yuguda emphasized that the economy was already in a dire state before Tinubu took office.
In recent months, Nigerians have been struggling with the rising cost of food items, inflation and hardship, despite some improvement in the exchange rate of the naira against the dollar. However, Yuguda argued that the current administration should not be solely blamed for the economic difficulties.
He expressed concern that without the drastic measures and reforms taken by Tinubu, such as the removal of the fuel subsidy and the floating of the naira, Nigeria’s economic situation would be even worse. According to Yuguda, the president inherited many problems, including the subsidy scam, widespread corruption in the civil service, and the effects of the COVID-19 lockdown, during which Nigeria allegedly paid billions of naira to subsidize domestic fuel consumption despite low demand.
Yuguda said, “The President did not create any of the hardship people are talking about, whether in the economy or other sectors. In fact, what he met on the ground would have created a worse situation if not properly handled. But he is championing reforms that are required to pave the way for a better society. The measures he has implemented are crucial for stabilizing the economy and setting the foundation for future growth.
“We all recall how, on assuming office, President Tinubu announced the removal of the fuel subsidy. But again, for the avoidance of doubt, he did not remove the subsidy on PMS. It was not in the latter part of the 2023 budget, but surprisingly, the Tinubu administration has had to bear the brunt of subsidy removal.
“Let me quickly add that my opposition to the 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 discovering the scam being perpetrated in the name of the fuel subsidy.
“A recent study also showed that despite the COVID-19 lockdown of 2020, Nigeria still paid billions of naira for the 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 percent since June 2023. It is almost certain to go down more in a few months when the Dangote refinery begins to produce PMS locally, as well as the impending resumption of production at the Port Harcourt and Warri refineries,” he added.
Yuguda’s remarks highlight the complexities of the economic situation in Nigeria and defend President Tinubu’s actions as necessary steps to prevent further deterioration. He urged the public to recognize the difficult decisions made by the current administration to address inherited challenges and work towards a more stable and prosperous future.
Additionally, Yuguda pointed out that the current hardship is the result of long-standing issues that predate Tinubu’s presidency. He stressed that previous administrations had failed to implement necessary reforms, leaving the new administration to tackle deeply rooted problems.
“The challenges we face today did not start with President Tinubu. These are issues that have been building up over the years due to mismanagement and corruption. It is unfair to blame the current administration for problems it did not create but is actively trying to solve,” he said.
Yuguda concluded by calling on Nigerians to be patient and support the president’s efforts. He expressed optimism that the reforms, though painful in the short term, would yield positive results in the long run.
“As citizens, we need to give the president and his team our support. Change does not happen overnight, and the road to recovery will be tough. But with determination and the right policies, I believe Nigeria will emerge stronger and more resilient,” he added.
His speech at the Asiwaju Scorecard Series served as a reminder of the complexities involved in economic reform and the importance of collective effort in overcoming national challenges. Yuguda’s defense of Tinubu underscores the belief that the current administration’s policies, though difficult, are necessary steps towards achieving long-term stability and growth for Nigeria.