Subsidy removal: Arewa youth rally support for FG’s tough stance 

The Arewa Youth Assembly (AYA) has urged Nigerian youth and adults to support President Bola Tinubu over the fuel subsidy removal.

 The group said the tough and courageous decision by President Bola Tinubu’s government is for the good of all Nigerians. 

Addressing journalists in Kaduna Thursday, the speaker, Arewa Youth Assembly, Mohammed Salihu Danlami, said removing fuel subsidy was a critical decision which the previous administration failed to make.

He added that it is very thoughtful, and a sign of good faith and continuity to keep up with the subsidy removal whose foundation was laid by former President Muhammadu Buhari.

He also commended the efforts of Nigerian National Petroleum Corporation Ltd (NNPCL) in promptly making adjustments on the price of petrol to tackle fuel hoarders.

“Nigeria previously pays an average of N120 billion monthly on petrol subsidy. We need to remain calm, apply wisdom and understanding, and resist the temptation and instigation by those fanning the embers of hate to cause chaos and instability in the country. Subsidy removal is in conformity with the Petroleum Industry Act (PIA Act) 2021, which provides for total deregulation of the petroleum downstream section to drive investment and growth. We decried the fact that subsidy has stagnated Nigeria for years because it benefits only a few rich. 

“Few top politicians and government officials were making billions of dollars from subsidy while Nigerians were unable to afford quality education, healthcare, infrastructure, electricity, telecommunications; stable power supply, agriculture and they are faced with high rate of unemployment and extreme poverty. But with subsidy payment, even if oil prices increase in the global market, Nigeria and Nigerians benefit nothing because the gains from the increase in oil prices are channeled to paying subsidy.

“Payment of subsidy is a waste of resources and misplacement of priority with lethal consequences on the nation. Subsidy has fatal effects on inflationary pressures on the economy, which negatively impacts the exchange rate and results to all kinds of untold sufferings on Nigerian masses, pushing millions of youth into different forms of terrorist activities and insurgency. Payment of subsidy will force Nigeria to continue to borrow and remain in debt.

“Between January and August of 2021, N905.27 billion was incurred as subsidy costs, according to the Federation Account and Allocation Committee reports. As of 2022, the cost of servicing debt by the federal government was N2.597 trillion, whereas revenue was N2.4 trillion.

With this, no meaningful development can be achieved in other key areas. To continue to pay subsidy is to intentionally rob the future of the generation yet unborn. It is to deliberately slide our nation into recession, high inflation rates, hunger, extreme poverty, and starvation.

“It is a tough and painful decision to make, but certainly the right step towards the right direction, to save not just a few but the entire nation and to restore the glory of Nigeria as the leader of Africa.  We strongly caution Nigerians against hoarding PMS for safety concerns and to allow its continuous availability and affordability.