A former Peoples Democratic Party presidential aspirant in the 2023 general elections, Sam Ohuabunwa, has said the events in the last year have suggested that Bola Tinubu was right in removing the contentious fuel subsidy regime.
The immediate past President of the Pharmaceutical Society of Nigeria made the statement when he was featured as a guest on Channels Television’s Politics Today on Sunday night.
Ohuabunwa’s endorsement of the subsidy removal comes a few hours after President Tinubu reiterated that his administration took the action in the best interest of the people, stressing that it was necessary to avoid plunging the country into bankruptcy.
Tinubu stated this during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday, which focuses on Global Collaboration, Growth, and Energy for Development.
But Ohuabunwa insisted that the president’s position on the issue in Riyadh mirrored the thoughts of many Nigerians.
PUNCH reports that the PDP chieftain added that though the action was greeted with fear and uncertainty, he was impressed with the aftermath of its removal.
“He (Tinubu) was on the spot. He spoke forcefully and spoke like a leader. I must admit he made the right point and many people will agree with him that the country faced what we call a revenue crisis. We were spending so much money subsidizing petroleum and just busy going to fill the gap by borrowing from everywhere we could borrow from, instead of thinking of how to reduce our costs and outgoings.
“So it was clear that there was a crisis and if not nothing was done, there was the possibility of a real financial bankruptcy for the country. His explanation that he had to do it was the hallmark of leadership. I think he must have really received some understanding from the audience he was addressing. But was it something that we ought to do? Yes. The question is: was it the best way to do it? Leaders use different methods to achieve their results. The important thing is the result that is achieved. Your method will be justified if the result is good enough.
“I think it will be positive because the president sounded quite strong. He sounded like somebody who was on the board, who had control over the situation, and who had a deep-seated understanding of what needed to be done to save his country from going into bankruptcy. His words reverberated with those people who understand banking, financial decisions, and the difficulty of any nation or corporation going into bankruptcy.
“The challenge we still have is: now that we have avoided it, what are we doing to ensure that we actually exit bankruptcy? Because for me, it is just a temporary relief right now. We have seen the effect of the action taken. More money is flowing from the two engines of removal of subsidy and floating of the naira. The challenge is how to use this naira so that the citizens will see what he is doing beyond palliatives. Because for now, all they know is palliatives and I don’t know how long that palliative mentality will last.”
