Subsidy removal ‘ll become Tinubu’s greatest legacy -ex-PDP chairman

A former State Chairman of the Peoples Democratic Party (PDP) in Cross River, Venatius Ikem, says subsidy removal by President Bola Tinubu will soon become his greatest legacy.

Ikem who described the decision as one of the most fundamental economic reforms undertaken in Nigeria’s interest, said this was in spite of the economic hardship accompanying the policy.

He said this during an interaction with journalists in Calabar on Thursday.

He said though the policy had imposed hardship on Nigerians, its long-term benefits would eventually become evident, particularly if the government effectively managed its economic consequences.

“All over the world, no reform-minded president or leader by whatever name called has ever been popular,” he said.

He noted that reforms were often resisted because people naturally became comfortable with existing arrangements and were reluctant to embrace changes to the status quo.

He described fuel subsidy as a major burden on national development, arguing that its removal was necessary to address longstanding structural problems in the economy.

He also said the removal of the subsidy remained a fundamental decision that would define Tinubu’s presidency in the years ahead.

“I can assure you that many years to come, the only legacy, probably the major legacy, he will be remembered for, is the removal of the fuel subsidy,” he said.

He acknowledged that the reform had not been without consequences, particularly the rising cost of living, and explained that it was because government had not adequately managed the hardship arising from its implementation.

“How to manage the fallout is what I think they have not effectively done,” he said.

Ikem said Nigeria’s foreign reserves and other macroeconomic indicators had improved, but the benefits were yet to translate into meaningful relief for ordinary citizens.

He noted that economic reforms required sufficient time to produce tangible results, adding that improvements at the macroeconomic level might not immediately reflect in household welfare.

Citing former President Olusegun Obasanjo’s administration, Ikem said the economic reforms implemented during its first term initially generated public resistance but eventually contributed to stronger economic growth.

He expressed confidence that giving Tinubu another term would enable Nigerians to experience the benefits of the reforms.

“I believe it’s in returning him to power for a second term that the effects and benefits of that monumental decision will begin to be felt at the microeconomic level,” he said.

Ikem however advocated for the administration to prioritise measures to cushion the effects of the reforms on Nigerians while sustaining efforts to stabilise the economy.