The All Progressives Congress (APC) says it is not oblivious of the financial strains brought by the increase in fuel pump price and electricity rates.
“We urge Nigerians to endure now and enjoy gains soon”, said Yekini Nabena, the spokesman.
A statement he signed on Tuesday noted that the reviews are crucial and hard thought decisions by the government.
Nabena said the short and long-term benefits will 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 enrol the entire population of Nigeria in the National Health Insurance Scheme (NHIS). Further, fuel subsidies took over N10 trillion of our national resources since 2006.”
APC added that the generality of Nigerians and stakeholders agree on why fuel subsidy has become unsustainable.
The ruling party stated that 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.
“In line with the current administration’s deregulation drive and move to increase private-sector participation in the petroleum sector, the task before us now is to improve our local refining capacities which we are already on course to achieving and maintain a competitive, market-driven, transparent and accountable petroleum pricing template which meets global best practices, particularly in a developing country such as ours.
“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.”
APC told the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) not to be hoodwinked by opposition’s narratives on the deregulation exercise and electricity tariffs.
“The same partisans have 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”, it said.