The National Association of Nigerian students, NANS has stated that the removal of fuel subsidy by the administration of President Bola Tinubu stands as one of the most commendable decisions during the commencement of his administration.
In a statement jointly signed by NANS President Lucky Emonefe and Senate president Afeez Akinteye on Monday the student body noted that the removal is a necessary step towards sustainable economic growth.
According to NANS the removal has lead to the successful realization of the Nigerian Education Loan Fund, NELFUND.
While NANS further stated that fuel subsidy removal has also lead to the increase in state governments allocation adding that the federal government through this, had successfully provided bailout funds for the state governments.
The students body appealed to all stakeholders in the oil and gas sector to exhibit patriotism by refraining from unjustified price hikes.
While NANS aswell urged the federal government to channel more of these funds towards education and youth development in the country.
“ Historically, the subsidy has been a significant source of corruption, with certain individuals exploiting it for personal gain. The cessation of this practice has naturally met with resistance from those benefiting from the corruption. However, this bold move has already begun to yield positive outcomes for the nation.
“Following the removal of the fuel subsidy, allocations to state governments have notably increased. Additionally, the federal government has provided each state with bailout funds. It is imperative that citizens hold their state governments accountable, questioning how these funds and increased allocations are being utilized for the benefit of the populace.
“One significant achievement facilitated by the subsidy removal is the realization of the NELFUND loan, demonstrating the government’s commitment to financial prudence and national development.
“Previously, Nigeria had to resort to borrowing to pay staff salaries. Now, post-subsidy removal, the country has been able to manage debt repayments and salary disbursements without external borrowing.
“It is essential for Nigerians to direct their focus not only towards the federal government but also towards their state governments, ensuring transparency and accountability in the utilization of these funds.
“We appeal to all stakeholders in the oil and gas sector to exhibit patriotism by refraining from unjustified price hikes. The long queues at fuel stations are a concern, and stakeholders should prioritize the well-being of citizens by maintaining fair prices. Their role is crucial in mitigating the current hardships and contributing positively to the nation’s stability.
“We urge students and the general populace to disregard any negative propaganda against the current administration. The removal of the subsidy is a necessary step towards sustainable economic growth. The current global economic climate is challenging, but the government is committed to finding ways to alleviate the suffering of Nigerians.
“The federal government is already channeling the funds saved from subsidy removal into critical sectors of the economy. This strategy aims to incentivize domestic refineries, reduce dependency on imported fuel, boost employment, and support the development of essential public services. The benefits of these measures will become more evident over time.
“We call upon all Nigerians to maintain hope and continue to pray for our country and its leaders. With collective effort and patience, we can navigate these challenges and achieve a more prosperous and self-reliant nation.
“Furthermore, we appeal to the federal government to channel more of these funds towards education and youth development. Investing in these areas will ensure a brighter future for our country and empower the next generation to drive sustainable growth”, the statement reads.
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