Former President Muhammadu Buhari, says the ruling All Progressives Congress (APC) would have lost the February 25 presidential election if he had removed petroleum subsidy before the election.
In a series of tweet on Monday by former presidential aide, Garba Sheu, Buhari said in the view of many-including those in the security circles- only a new administration with a goodwill that fills a warehouse could attempt removal of petrol subsidy.
He said, “The Buhari administration in its last days could not have gone the whole way because the APC had an election to win. And that would have been the case with any political party that was seeking election for another term with a new principal at its head.
“Poll after polls showed that the party would have been thrown out of office if the decision as envisaged by the new Petroleum Industry Act was made.”
The former president recalled that though he didn’t remove the petrol subsidy – but in vitally important stages he removed every other budget-busting, egregious, economic-growth-crushing subsidy along the way.
Buhari noted, “The massive electricity subsidy. The fraudulent fertilizer subsidy. Hajj/Christian Pilgrim subsidies. Remember them?
“The diesel subsidy. The aviation fuel subsidy. LPFO, Kerosene, Cooking gas and the other subsidy policies we found in place, and put them firmly on the ground. Remember them?
“For those with short memories, many of those subsidies were all in place when president Buhari was elected to office in 2015: all those in place were gone by May 2023 – including the annual fertilizer subsidy that weighed 60-100 billion Naira (that’s trillion naira in about 10 years – yes you read that right) heavy on the federal budget each year.
“So far I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit (PMS) and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?”
Buhari added that he was expecting the ruling party to speak on the issue, adding that he was forced to address the issue following the failure of the party to speak.
Beside, the former president said he had kept hmute because he didn’t want to distract Tinubu/Shettima’s government from the onerous tasks facing them and the nation. Neither is it our wish to take the spotlight away from them in any way.
According to him, In terms of the timing of the decisions to remove fuel subsidy and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well.
“Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.”
Buhari emphasised that removing subsidies for the Naira and petrol was cued and put on hold, saying It could not have come at a time when tensions were high in the country and no responsible leader would have added fuel to the fire.