The Tinubu Media Support Group (TMSG) has defended President Bola Tinubu’s decision to remove the petrol subsidy, insisting that the policy has generated significant economic and fiscal benefits for the country.
The group said the gains recorded since the administration assumed office in May 2023 outweighed calls by some opposition presidential candidates for the restoration of the subsidy ahead of the January 2027 presidential election.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG argued that the removal of the subsidy had freed up resources for governments at all levels to implement development projects and meet financial obligations.
The group cited a recent World Bank report indicating a 93 per cent increase in revenue accruing to the 36 states and the Federal Capital Territory, attributing the development partly to savings from subsidy removal.
It maintained that increased allocations had enabled state governments to execute more capital projects, settle inherited debts and clear outstanding salary obligations.
At the federal level, TMSG said the additional fiscal space had supported the introduction of the Nigerian Education Loan Fund (NELFUND), through which more than 1.5 million students had benefited in less than two years.
It also cited the expansion of the targeted cash transfer programme, which it said had reached 10 million households, alongside increased funding for infrastructure and other capital projects.
The group further linked the policy to improved funding for tertiary institutions, arguing that the absence of a nationwide university strike since the Tinubu administration took office was partly connected to increased government funding.
On foreign exchange stability, TMSG said the end of subsidy payments on imported petrol had reduced pressure on the country's foreign reserves.
It also argued that the policy had created an environment in which the Dangote Refinery could operate without the Federal Government having to bear the cost of subsidising imported petroleum products.
Reacting to former Vice President Atiku Abubakar's advocacy for the restoration of fuel subsidy if elected president in January 2027, the group said the rising cost of living should be considered within the context of broader global economic challenges.
According to TMSG, the cost-of-living crisis is not peculiar to Nigeria, as several countries are experiencing similar challenges arising from geopolitical tensions in the Middle East.
It urged Nigerians to focus on ensuring that state governments utilise increased federal allocations to improve living conditions rather than attribute all economic difficulties to the removal of fuel subsidy.
The group also called for accelerated implementation of the Federal Government's commitments on compressed natural gas (CNG), improved agricultural productivity, affordable healthcare and quality education.
It said these measures would help translate the expected benefits of subsidy removal into tangible improvements in the living conditions of Nigerians.