News

April 29, 2024

PDP wasted N191tr on fuel subsidy for 16yrs — Policy think-tank

killing of 5 soldiers in Aba

PDP and its colour flags

. Slams Gov’s for not providing land for Tinubu’s farming initiative

By Omeiza Ajayi, ABUJA

Abuja-based policy think-tank, Independent Media and Policy Initiative IMPI has berated the Peoples Democratic Party PDP for wasting over N191 trillion on the controversial fuel subsidy regime during its 16 years in power.

This was as it challenged state Governors to emulate President Bola Tinubu by curbing wastages in governance so as to deliver meaningful development to Nigerians.

The group also faulted what it called the “lackadaisical attitude of some state Governors to the presidential commitment to cultivate 500,000 hectares of land nationwide”.

At a news conference Monday in Abuja, the IMPI Chairman, Chief Niyi Akinsiju, urged the President to lay emphasis on the process of monitoring and compliance enforcement in the implementation of all infrastructural projects across the country to ensure that all projects are completed to time and specifications.

According to Akinsiju, the government has taken the economy a notch higher with the introduction of the Consumer Credit Scheme known as The Nigerian Consumer Credit Corporation (CrediCorp) which has the potentials to improve consumption capacity for Nigerians, resulting in expanded productive capacity for the manufacturing sector.

“This implies that you do not need to wait until you have saved so much to purchase what you desire.

“The establishment of the Credit Scheme and the extension of payment of Social Security to NCE graduates upward, with a commitment of N100bn by the President, and the approval of Social Security Unemployment Programme to alleviate economic difficulties for unemployed youths, are part of the actions and decisions of the Tinubu administration within the first quarter of the year, which we consider to be courageous, timely and commendable.”

On why the state governors should emulate the President, the group said: “Our findings indicated that the Tinubu economy saves an average of N1 trillion monthly from the withdrawal of petrol-subsidy in June 2023, while the three PDP regimes recorded a monthly loss from petrol-subsidy of N1 trillion over a period of 16 years, amounting to a total of N192 trillion. Little surprise, therefore, that Nigeria ranks among nations with the worst record of infrastructural deficit in the world.

“The presidential embargo on foreign trips by government officials further confirms the passion and seriousness of President Bola Tinubu to reduce the cost of governance in the country. The President’s action is ensuring prudence and discipline in the federal government’s spending, particularly now that the implementation of the capital expenditure component of the 2024 budget has commenced.

“We therefore call on the sub-nationals to emulate the President in curbing wastages in their financial expenditures, so that meaningful development can be adequately delivered to Nigerians at the grassroots especially now that there is an increased allocation from FAAC.”

While calling on the governors to refrain from acts that are capable of jeopardizing the ongoing efforts by President Bola Tinubu to secure the nation, Akinsiju said as Chief Security Officers in their respective states, it would be counter-productive for governors to act at variance with the President on matters of national security and associated policies.

“We, however, admonish state governments on their part to refrain from acts that are capable of jeopardising the ongoing efforts by President Tinubu to secure the nation.

“As Chief Security Officers in their respective states, it will be counter-productive for governors to act at variance with the President on matters of national security and associated policies.”

The policy group also expressed support for the establishment of Renewed Hope Infrastructure Development Fund (RHIDF) to bridge the nation’s infrastructural gap, saying such has opened a new vista in the general expectation of the benefits of petroleum subsidy removal.

“We note with great interest, the potential sources of funding targeted by the RHIDF to raise N20tn (about $14bn) for its take-off grant, and we strongly suggest that a significant percentage of the savings from the withdrawal of subsidy be made available to RHIDF for the development of infrastructures across the nation.

“Furthermore, we submit that it is important for the federal government to erect permanent signposts at the site of every infrastructural project that is accomplished with savings from petroleum subsidy withdrawal, so that Nigerians will appreciate the positive impact of the withdrawal of subsidy, and be happy that their sacrifices are not in vain.

“It is in the light of the forgoing suggestions, that we urge the President to lay emphasis on the process of monitoring and compliance enforcement in the implementation of all infrastructural projects across the country to ensure that all projects are completed to time and specifications.”