The All Progressives Congress Presidential Campaign Council has hailed President Bola Tinubu for demonstrating courage in tackling Nigeria’s economic challenges, particularly through the removal of the fuel subsidy and the unification of the foreign exchange market, despite the potential political consequences of the policies.
The campaign council’s spokesperson and Minister of Solid Minerals, Dele Alake, stated this on Tuesday at the unveiling of the party’s 2027 manifesto, tagged ‘From Reforms to Prosperity’, in Abuja, saying Tinubu prioritised national interest over personal political ambition in implementing difficult economic reforms.
The council argued that the removal of fuel subsidy and reforms in the foreign exchange market required courage and determination, given the entrenched interests that benefited from the previous arrangements.
He stated, “Regardless of the political consequences, or even the President’s own political situation and aspirations, he carried out genuine structural reforms. And that is the kind of person Bola Ahmed Tinubu is. He does not think of himself; he thinks of the nation, and that is what a statesman should do.
“Ordinary politicians will think of the next election and avoid contentious policies that could probably mar their political aspirations. But not President Bola Ahmed Tinubu, because he puts the nation ahead of himself.
“He did not think, ‘Oh, these policies might bring some pain or challenges or cause some unease among the public, so they could affect my political aspirations. I won’t implement them.’ No, he didn’t do that. He put the nation first, before his own desires. And that’s why he was able to look at those problems straight in the face and confront them.
“He removed the fuel subsidy, as you all know. Fuel subsidy had been one of the pillars of Nigeria before 2023. He removed it. Removing fuel subsidy might superficially look simple to everyone, but it is not.”
Alake alleged that powerful interests had exploited the fuel subsidy regime through smuggling, fraudulent claims and other illicit practices, adding that those benefiting from the system were resisting the Federal Government’s decision to remove the subsidy.
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The APC PCC stated, “It takes a man of courage, a man of grit, brains and brawn, to withstand the pressure of the cabal, which would fight back, and they are fighting back over the removal of fuel subsidy.
“The same thing goes for the foreign exchange situation, where we had multiple foreign exchange dynamics and operations.
“Some people, as you all know, would sit in their gardens or backyards without lifting a finger, simply because they had connections with CBN authorities or top government officials. With just a phone call, they would obtain millions of dollars at the official rate and, without leaving their seats in their gardens, send the money to the Bureau de Change. In the twinkle of an eye, they would become billionaires while sitting in their backyards, making no contribution to production in the economy to shore up the naira. And, of course, the result, as you all knew, was a free fall.
“President Bola Ahmed Tinubu looked that problem in the face, confronted it and normalised the situation.”
Upon assuming office on May 29, 2023, Tinubu announced the removal of fuel subsidy and, weeks later, introduced the unification of the naira exchange rate.
The two major economic reforms had far-reaching effects on Nigerians’ livelihoods.
The policies generated mixed reactions, with some Nigerians questioning their necessity, while others argued that they would lay a solid foundation for the country’s long-term economic development.
Ahead of the January 16, 2027 presidential election, opposition leaders have criticised the reforms, blaming them for the country’s economic difficulties, while the Presidency maintains that the policies are yielding the desired results.
