“Oyedele Defends Fuel Subsidy Removal: ‘The Best Decision for Nigeria’s Future'”

In a recent speech at The Platform organized by the Covenant Nation on Saturday, Oyedele, a key economic voice, defended the Nigerian government’s decision to remove fuel subsidies, describing it as “the best decision” the country could have made.

According to Oyedele, the removal of subsidies was essential because Nigeria had been living under “window-dressed realities.” He pointed out that despite petrol being priced below N200 per liter and the naira exchange rate appearing stable at N450, the true economic picture was far from rosy. He likened this situation to a parent who could afford to send their child to a school that costs N200 million per term but would struggle if they could not keep up with such expenses.

The economist also touched on the broader economic context, saying that Nigeria’s GDP was often overstated and the country’s debts were being serviced but not repaid, leaving Nigeria on the brink of economic disaster. He compared Nigeria’s trajectory to countries like Sri Lanka and Venezuela, which experienced severe economic crises.

He further criticized the government’s practice of “printing money to spend,” which contributed to inflation and made Nigeria’s fiscal position even more precarious. He revealed that the country printed nearly N40 trillion naira, which led to inflation and a reduction in foreign investments.

Despite these challenges, Oyedele remained optimistic about Nigeria’s future, urging citizens to shift their mindset from a defeatist attitude to one of positive action. He emphasized that while the country has faced many economic difficulties, the worst may now be behind it, and the reforms implemented by President Tinubu since May 2023, including the removal of subsidies and tax reforms, are steps toward a more sustainable future.

Oyedele encouraged Nigerians to adopt a more constructive outlook, saying, “Maybe we can turn it into ‘May Nigeria work for me’” instead of focusing on the negative aspects of the country’s challenges.

With these insights, Oyedele reaffirmed his belief that Nigeria is on the path to recovery, though challenges remain, and urged the citizens to focus on solutions rather than complaints.