Press Release
Fuel Subsidy Removal: Sacrifice Today, Stability Tomorrow
Day Two Message
By Hon. Bashir Omolaja Bolarinwa Ph.D
Hon. Bashir Omolaja Bolarinwa, PhD, continued his Independence Week engagement with journalists under the Renewed Hope Initiative, focusing on one of the most controversial yet impactful national reforms, the removal of fuel subsidy.
He began by acknowledging the emotional and economic strain currently felt by citizens.
“I understand the hardship our people are going through. This conversation is not to dismiss anyone’s pain, but to clarify facts and enlighten patriotic Nigerians on the reform journey President Bola Ahmed Tinubu has undertaken,” he said.
Hon. Bolarinwa described fuel subsidy as a decades-long burden that past governments avoided confronting due to political backlash.
According to him, every major 2023 presidential candidate publicly agreed that subsidy was no longer sustainable , because in reality, it had already collapsed under its own weight.
“Many Nigerians saw subsidy as their only visible benefit from government, but the truth is the opposite.
It enriched a few and impoverished the nation,” he explained.
He noted that President Bola Ahmed Tinubu chose to confront the issue decisively from Day One, declaring in his inaugural speech that “subsidy is gone.”
The announcement shocked the country , especially those benefitting from the corrupt subsidy network. Some responded by weaponising scarcity and inflating prices to create public anger and force a reversal.
Despite the pushback, Hon. Bolarinwa highlighted the progress recorded within two years:
Nigeria has moved from Africa’s biggest fuel importer to West Africa’s largest exporter of refined petroleum products.
For the first time in over a decade, the country has exceeded its OPEC quota for four consecutive months, averaging 1.71 million barrels per day and on track for a fifth month.
Oil theft has dropped to under 10,000 barrels per day , the lowest in 16 years.
By August 2024, the Federal Government met its full-year revenue target contained in the 2025 Appropriation Act, a historic first.
State governors now receive almost triple the monthly allocation they received under the previous administration, enabling states to fund more local projects and interventions.
To give a balanced view, Hon. Bolarinwa framed the Subsidy Removal using a SWOT Analysis:
STRENGTHS
Frees up trillions of naira previously lost to corruption and inefficiency.
Increases federal and state revenue for infrastructure, salaries, social welfare, security, and agriculture.
Boosts investor confidence by ending an opaque, unsustainable system.
Encourages local refining and energy-sector revitalisation.
WEAKNESSES
Immediate inflationary pressure on transport and food prices.
Limited communication initially created fear and misinformation.
Existing refineries are still ramping up to full domestic capacity.
OPPORTUNITIES
Job creation through modular refineries, petrochemical expansion, and midstream investments.
Savings redirected to mass transit, CNG adoption, education, health and social safety programmes.
Increased state revenue strengthens federalism and grassroots development.
Long-term energy security and export dominance in West Africa.
THREATS
Sabotage by entrenched interests benefitting from the former subsidy regime.
Public frustration exploited by opposition and misinformation networks.
Global crude price fluctuations affecting domestic pump pricing.
Hon. Bolarinwa concluded that subsidy removal is not just an economic policy, it is a restructuring of Nigeria’s financial future:
“Every reform comes with discomfort. But sacrifices today are laying the foundation for tomorrow’s stability. What we are experiencing is the pain of correction, not the failure of leadership.”
He assured Nigerians that the President has a strategic roadmap, supported by ongoing interventions and revenue reforms that will soon reflect more visibly on household realities.
Signed:
Hon. Bashir Omolaja Bolarinwa Ph.D