The All Progressives Congress (APC) has defended President Bola Tinubu’s economic reforms, particularly the removal of petrol subsidy, saying the policy has increased government revenues and improved the business environment.
The defence followed criticism from the African Democratic Congress (ADC), which demanded accountability over the trillions of naira generated since the reforms began.
The ADC, through its National Publicity Secretary, Bolaji Abdullahi, said subsidy removal and foreign exchange reforms generated about N15.8 trillion in additional resources for the Federation between June 2023 and December 2025.
The party said N5.4 trillion went to the Federal Government, N5.4 trillion to states and N3.9 trillion to local governments, while states received N47.25 trillion in FAAC allocations between 2023 and 2025.
The ADC questioned how the increased revenues had translated into improved living conditions, citing rising petrol, food and transport costs.
It challenged the APC to show Nigerians the projects funded with the additional revenues.
Meanwhile, the Presidency defended the reforms, saying they were restoring confidence in the economy and creating opportunities for businesses.
The Technical Assistant on Regional Development Programmes in the Office of the Vice President, Dr Hafiz Abdullahi, said the reforms had helped stabilise the foreign exchange market and improve the operating environment for entrepreneurs.
Also defending the subsidy removal, APC National Chairman, Nentawe Yilwatda, warned against returning to the old subsidy regime.
Yilwatda said restoring subsidy could reduce government revenues, threaten the new minimum wage and affect funding for education and other essential services.
He said increased federal allocations following subsidy removal had helped several state governments meet salary and pension obligations and undertake development projects.
However, former Cross River State Governor and PRP presidential candidate, Donald Duke, described the fuel subsidy debate as a “scam”.
Duke argued that Nigeria could sell petrol for about N200 per litre if the country properly harnessed its crude oil resources and processed petroleum products efficiently.
He also questioned why Nigeria remains energy-poor despite its abundant natural resources, blaming the situation on a lack of political will and proper planning.
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