PDP Hails Tinubu for Removing Petrol Subsidy and Floating Naira

Patrick OdeyJune 30, 2023

2 minutes read

The Edo State chapter of the Peoples Democratic Party (PDP) has praised President Bola Ahmed Tinubu for implementing two major economic policies that will save Nigeria over N2 trillion. The policies are the removal of subsidy from petrol and the free-float of the naira currency.

The state PDP chairman, Dr Tony Aziegbemi, stated this in Benin, Edo State, during an interactive session with journalists on the state of the nation.

He said that the PDP was impressed by the courage and wisdom of the president to take these bold steps that would benefit the country in the long run.

He said that the removal of petrol subsidy, which was costing the government about N2 trillion annually, would free up funds for other developmental projects and reduce corruption in the oil sector.

He also said that the free-float of the naira, which was devalued by the Central Bank of Nigeria (CBN) from N461 to N631 per US dollar, would improve the efficiency of the foreign exchange market, attract foreign investment, and reduce inflationary pressures.

He said that these policies were in line with the paradigm shift that the PDP was bringing on board as an alternative to the ruling All Progressives Congress (APC). He said that as an economist, he could recognize good economic policies from a distance and commend them regardless of party affiliation.

He, however, cautioned that the success of these policies would depend on how the government would provide palliatives to cushion the effects on the masses. He said that the policies would have some initial negative impacts on the cost of living, especially on fuel and imported goods. He urged the government to implement compensating measures such as social protection programs, infrastructure development, and job creation.

He also called on Nigerians to support and cooperate with the government in implementing these policies, saying that they were necessary to revive and transform the economy. He said that Nigeria had been living on borrowed robes for too long by having multiple exchange rates and subsidizing petrol at the expense of other sectors.

He expressed confidence that President Tinubu would continue to deliver on his promises to Nigerians and lead the country to greater heights. He said that the PDP was ready to work with him and offer constructive criticism where necessary. He also said that the PDP was repositioning itself to reclaim power in Edo State in 2023.