Subsidy removal has also created room for increased funding of infrastructure projects, tertiary institutions and other national development initiatives
By Moses Okorie
The Tinubu Media Support Group (TMSG) has defended President Bola Tinubu’s decision to remove the fuel subsidy, insisting that the economic and developmental benefits of the policy outweigh calls by opposition politicians for its restoration.
The group maintained that the removal of the subsidy has increased government revenue, expanded fiscal capacity and created opportunities for investments in critical sectors of the economy.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said recent developments had demonstrated that the decision was well considered and beneficial to the country.
It cited a World Bank report indicating a 93 per cent increase in revenue accruing to the 36 states and the Federal Capital Territory, arguing that the additional resources had enabled state governments to execute more capital projects, settle inherited debts and clear outstanding workers’ salaries.
The group also highlighted the establishment of the Nigerian Education Loan Fund (NELFUND), through which more than 1.5 million students have reportedly benefited, as well as the expansion of targeted cash transfers to 10 million households.
According to TMSG, subsidy removal has also created room for increased funding of infrastructure projects, tertiary institutions and other national development initiatives.
It further linked the policy to improved foreign exchange stability, reduced pressure on foreign reserves and the operations of the Dangote Refinery.
Reacting to calls by opposition presidential candidates, including former Vice-President Atiku Abubakar, for the restoration of fuel subsidy ahead of the January 2027 presidential election, the group described such promises as politically motivated.
It argued that Nigeria’s rising cost of living should also be considered within the context of global economic pressures and tensions in the Middle East.
TMSG urged state governments to translate increased revenue into tangible improvements in citizens’ welfare, while calling on the Federal Government to accelerate investments in compressed natural gas, agriculture, affordable healthcare and quality education.