The All Progressives Congress (APC) has dismissed claims that the administration of President Bola Tinubu has reintroduced fuel subsidy, asserting that government interventions were aimed at ensuring price stability and predictability.
Reports had circulated alleging that the government spent a staggering N169.4 billion in August to maintain the fuel pump price at N620 per liter. These reports were seized upon by the opposition as evidence of the administration’s purported return to fuel subsidy.
In a statement released on Monday night, the APC vehemently denied the accusations, categorically stating that such payments did not constitute a revival of the fuel subsidy scheme that had been criticized for its economic implications in the past.
The ruling party also took issue with Phrank Shaibu, Media Aide to the Presidential Candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, for disseminating what they termed as “fake news” and engaging in actions aimed at discrediting President Bola Tinubu’s administration.
APC spokesperson, Felix Morka, said that Shaibu’s claims regarding the return of fuel subsidy were baseless and ill-informed. Morka accused Shaibu of making misleading statements and lacking a full understanding of the complexities involved in economic management.
The statement from the APC criticized Shaibu’s remarks as “pathological and cynical flippancy” and claimed that they were indicative of a post-electoral traumatic stress disorder (PeTSD) stemming from his boss’ electoral defeats.
Furthermore, the APC defended President Tinubu’s appointments, stating that the president had swiftly addressed issues related to national security by restructuring the security architecture and repositioning the Armed Forces for improved performance in safeguarding lives and property.
Regarding the economic policies of the Tinubu administration, the APC highlighted decisions such as the removal of fuel subsidy, harmonization of foreign exchange regimes, and the signing into law of the Students’ Loan Act. The party argued that these initiatives aimed to address long-standing distortions and contradictions in the Nigerian economy and promote overall recovery and prosperity.
The statement also mentioned President Tinubu’s appointments of experienced professionals to key economic institutions, the creation of the Ministry of Marine and Blue Economy, and efforts to improve diplomatic relations with other nations, such as the recent lifting of the visa ban on Nigerians by the United Arab Emirates.
The APC concluded by downplaying the significance of a proposed meeting between President Tinubu and President Joe Biden, stating that such a meeting was unnecessary and not on President Tinubu’s schedule.