A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has described the removal of petrol subsidy by President Bola Tinubu’s administration as a difficult but strategic economic reform that has helped reposition Nigeria’s economy.
Oyintiloye, a former member of the Osun State House of Assembly, made the remarks while addressing journalists in Osogbo on Sunday.
He said the subsidy regime had placed a significant financial burden on the country, arguing that Nigeria could no longer continue to spend trillions of naira subsidising petrol while critical sectors remained underfunded.
According to him, the decision to remove the subsidy was necessary to correct what he described as a long-standing structural distortion in the economy.
“The decision was difficult, but Nigeria needed the courage to confront a system that had become increasingly expensive to sustain,” he said.
Oyintiloye argued that resources previously committed to petrol subsidies could be redirected to productive investments and essential sectors of the economy, including infrastructure, education, healthcare, transportation and agriculture.
He said the reform had reduced the government’s fiscal burden and improved budgetary discipline, while creating stronger incentives for investment in domestic refining and the downstream petroleum sector.
The APC chieftain acknowledged that the policy had created hardship for Nigerians, particularly through higher petrol prices and increased living costs, but maintained that its long-term benefits should be assessed beyond the immediate difficulties.
He urged politicians seeking elective offices to avoid misleading Nigerians about the subsidy policy and instead engage the public with facts about the country’s economic situation.
Oyintiloye has previously defended the Tinubu administration’s economic reforms, describing the removal of fuel subsidy and changes to the foreign-exchange system as necessary measures to address structural weaknesses in the economy.
He called for continued support for reforms aimed at strengthening domestic production, attracting investment and creating a more sustainable economic environment.
His comments come amid continuing public debate over the effects of fuel subsidy removal, with supporters of the policy highlighting its potential fiscal benefits while critics have continued to raise concerns about its impact on household incomes and the cost of living.
