Adewole Adebayo, the Social Democratic Party’s (SDP) nominee for president in the 2023 elections, chastised President Bola Tinubu over the elimination of fuel subsidies.
Recall that Tinubu said his administration would stop providing subsidies for petroleum items during his inaugural speech on Monday at Eagle Square in Abuja.
The President claimed that it was no longer justifiable to continue considering the significant opportunity cost the Federal Government was incurring to support subsidy.
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According to Tinubu, the subsidy is abolished because it was not included in the budget as of June 2023.
Adebayo criticized the new President’s messy and inconvenient announcement of the withdrawal of fuel subsidies in a statement posted on his Twitter account on Tuesday.
Tinubu should be reminded, according to Adebayo, that the time of his inaugural speech was not the ideal setting for announcing the suspension of such a macroeconomic strategy.
Before any action could be done in that direction, he emphasized that Nigerians would need a shock absorber in the form of substitute policies to lessen the impact of the elimination of fuel subsidies.
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He said, “I don’t want to seem impatient or trigger-happy in criticism of brand-new president Tinubu. But it is not a neat way to announce a cost-driven macroeconomic policy of fuel subsidy removal by just dropping it in an inaugural speech. We need shock absorbers first. Renewed hope?”
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