Former Ekiti State Governor and ex-Minister of Solid Minerals Development, Kayode Fayemi, has described the promise by the presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, to restore fuel subsidy as a political strategy rather than an economic policy.
Mr Fayemi likened the proposal to the Muslim-Muslim presidential ticket adopted by the All Progressives Congress, APC, ahead of the 2023 presidential election, describing both as political strategies designed to appeal to particular segments of the electorate.
He made the remarks during an interview on Arise Television’s Prime Time on Monday.
“My take on that is that Atiku’s proposal on subsidy is politically equivalent to our own Muslim-Muslim ticket in 2023. It’s a political strategy. It’s not an economic construct,” Mr Fayemi said.
He, however, acknowledged that the proposal could resonate with Nigerians adversely affected by the removal of petrol subsidy, particularly vulnerable citizens struggling with the rising cost of living.
“But understandably, it’s a political strategy that will sell with those who are hard done by the impact of fuel subsidy removal,” he said.
Mr Fayemi reiterated his support for the removal of fuel subsidy, saying he had advocated the policy for years, including during his tenure as Chairman of the Nigerian Governors’ Forum.
“I was and I remain an advocate of fuel subsidy removal. As chairman of the governors’ forum, I spent four years in this battle,” he said.
He also said President Bola Tinubu inherited substantially completed work on subsidy removal from the previous administration, although he criticised the manner in which the policy was implemented.
“What President Tinubu inherited, in fairness to him, was the work that had already been completed by that administration. The only challenge I had with it was the way it was done,” Mr Fayemi said.
According to him, state governors had previously worked with the Federal Government and the World Bank to develop a safety-net strategy aimed at cushioning the impact of subsidy removal on vulnerable Nigerians.
“However, as I have also consistently said, at the Nigerian Governors’ Forum, we actually had a committee working with the Federal Government and the World Bank, by the way, to develop a safety-net strategy that would address what would happen to the most vulnerable segment of our population,” he said.
Mr Fayemi said the economic hardship being experienced by vulnerable Nigerians was what he believed Atiku was seeking to leverage through his proposal to restore the subsidy.
“I believe that’s what Vice President Atiku is taking advantage of. The vulnerable segment of the population is still hard done by,” he said.
He noted that many Nigerians were less concerned about the technical arguments surrounding subsidy removal than their ability to afford basic necessities.
“They just want to live reasonably well, eke out a living, have one or two meals a day, be able to send their kids to school, not be taken in by sickness or anything that might create further problems for them,” Fayemi said.
The former governor further linked poverty and inequality to insecurity, arguing that worsening economic conditions could contribute to the persistence of insurgency and banditry in the country.
“[Poverty and inequality] are also at the root of the insurgency and the banditry that we’re dealing with,” he said.
