Following questions raised over the failure of the immediate past administration to remove petroleum subsidy and unify the naira exchange rate, ex-President Muhammadu Buhari has said that if he had done so, the ruling All Progressives Congress (APC) would not have won the 2023 general elections.
The spokesman of the former president, Garba Shehu, made this position known in a statement issued on Monday defending Buhari’s inaction.
The statement noted that with the party battling to retain power, it would not have been able to implement the measures.
It recalled that several polls conducted before the election suggested that the ruling party would have been thrown out of office if it had acted in the way prescribed in the Petroleum Industry Act (PIA).
The statement said: “Finally, we must be politically honest with ourselves. The Buhari administration in its last days could not have gone the whole way because the APC had an election to win. And that would have been the case with any political party that was seeking election for another term with a new principal at its head.
“Poll after polls showed that the party would have been thrown out of office if the decision as envisaged by the new Petroleum Industry Act was made.
“With the election now behind us, a capable leader as we now have in place is best positioned to move forward. We have nothing but confidence that the new administration will carry the nation and all its constituents into a stable future in the aftermath of these major economic and financial decisions.
“As they say, there are times when you have to lose in order to win.”
Answering the question, “Why did it take the new Tinubu/Shettima presidency weeks to remove the petrol subsidy when Buhari didn’t do so for years fails to ask the right question,” the statement pointed out that Buhari removed other subsidies that constituted a burden on the national budget.
It explained: “The massive electricity subsidy. The fraudulent fertilizer subsidy. Hajj/Christian Pilgrim subsidies. Remember them? The diesel subsidy. The aviation fuel subsidy. LPFO. Kerosene. Cooking gas, and the other subsidy policies we found in place and put them firmly on the ground. Remember them?
“For those with short memories, many of those subsidies were all in place when President Buhari was elected to office in 2015: all those in place were gone by May 2023 – including the annual fertilizer subsidy that weighed 60-100 billion Naira (that’s a trillion Naira in about 10 years – yes, you read that right) heavily on the federal budget each year.
“So no, Buhari didn’t remove the petrol subsidy – but is a vitally important stage, he removed every other budget-busting, egregious, economic-growth-crushing subsidy along the way.
“So far, I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit, PMS and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?
“First of all, my thinking is that instead of the former President answering this question, it is the Party, the All Progressives Congress, APC, that is best suited to speak, and failing to do this, we are forced to say what will follow here.
“Secondly, we are mindful of the fact that with a Tinubu/Shettima presidency now in place and for which there is a ‘New Sheriff in Town.’
“We do not want to distract them from the onerous tasks facing them and the nation. Neither is it our wish to take the spotlight away from them in any way.
“In terms of the timings of the decisions to remove fuel subsidy and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well.
“Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.
“To this extent, our wish and prayers are that fellow countryman will continue to support the new leadership in these very laudable decisions and, in particular, for the Labour leadership and civil society to work with them to ensure that the palliative efforts as promised are successfully implemented.
“The decision to remove subsidies, as in our case – and we believe in all situations – was not for the President to take all by himself.
“That’s why it’s important to remind ourselves – and all those who have conveniently forgotten – that the Buhari administration had been on this pathway from the very beginning in 2015.
“Removing subsidies for the Naira and PMS was cued and put on hold. Look, for example, at the Petroleum Industry Act. The important decision was kept for a better time.
“It could not have come at a time when tensions were high in the country and no responsible leader would have added fuel to the fire.
“In the view of many – including those in the security circles – only a new administration with a goodwill that fills a warehouse can attempt this, and here now comes in the wit and grit of the Tinubu government.”
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