The All Progressives Congress (APC) on Tuesday said it was not oblivious of the financial strains brought by the increase in fuel pump price and electricity rates.
The ruling party urged Nigerians to endure now and enjoy the gains soon.
The party in a statement by the Deputy National Publicity Secretary, Yekini Nabena, said the reviews were crucial and hard thought decisions by the government.
The APC further stated that the short and long-term benefits on the citizenry and the national life would become obvious and directly felt in critical sectors such as health, education, infrastructure and social services targeted at the poor.
“We point to shocking estimates by the Nigerian Institute for Social and Economic Research (NISER) which reports that the budget for fuel subsidies in 2019 was sufficient to enroll the entire population of Nigeria in the National Health Insurance Scheme (NHIS).
“Further, fuel subsidies have taken over N10 trillion of our national resources since 2006.
“Atleast, the generality of Nigerians and stakeholders agree on a thousand and one reasons why fuel subsidy has become unsustainable.
“The perceived benefits of fuel subsidies have long been overtaken by the previous corruption and drain on scarce resources that should be directed to other critical sectors,” The APC said.
The party added that in line with the current administration’s deregulation drive and move to increase private-sector participation in the petroleum sector, the task before now was to improve local refining capacities which were already on course to achieving and maintaining a competitive, market-driven, transparent and accountable petroleum pricing template, which “meets global best practices, particularly in a developing country such as Nigeria.”
“While the government works assiduously to solve the country’s electricity challenges permanently, it realizes that many Nigerians and businesses still rely on alternative sources for power supply to meet electricity needs, hence its current focus on improving electricity and service delivery while also protecting poor and vulnerable Nigerians from arbitrary and estimated electricity billing.
“As with the government’s decision to increase Nigerian worker’s minimum wage and other social investments, the President Muhammadu Buhari-led APC administration takes the welfare of the citizenry seriously. We call on all stakeholders — government at all levels, private sector organizations, labour unions, civil societies, students and youth groups to support the government’s decision on the ongoing deregulation exercise as the citizens will be the ultimate beneficiaries,” APC added.
The ruling party urged stakeholders, particularly the organised labour such as the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) not to be hoodwinked by skewed opposition party narratives on the deregulation exercise and electricity tariffs.
It said the same partisans had failed to account for and return trillions of naira stolen from national coffers in the guise of subsidizing fuel and the degrading of the electricity sector under their watch despite huge allocations and subsequent theft of the resources meant to improve the sector.
The party urged all to support the current administration’s economic policies to uplift Nigerians.
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