Former Governor of Bauchi State, Isa Yuguda, defended President Bola Tinubu on Tuesday, asserting that Tinubu should not be blamed for the current economic hardships and high inflation in Nigeria.
Speaking at the inaugural edition of the Asiwaju Scorecard Series, organized by the All Progressives Congress Professionals Forum in Abuja, Yuguda emphasized that the economy was already in a dire state before Tinubu assumed office.
In recent months, Nigerians have been struggling with rising food prices and inflation, even though the exchange rate of the naira against the dollar has improved. Yuguda maintained that these economic issues are not solely the fault of the current administration.
He highlighted that Tinubu inherited numerous challenges, including the removal of the fuel subsidy and the floating of the naira, which were necessary measures to prevent the economy from deteriorating further. Yuguda pointed out that the president took over a nation burdened by the subsidy scam, rampant corruption in the civil service, and the economic impact of the COVID-19 lockdown, during which billions of naira were spent subsidizing domestic fuel consumption despite low demand.
Yuguda stated, “The President did not create any of the problems people are talking about whether in the economy or in the other sectors. In fact, what he met on ground would have created a worse situation if not properly handled but he is championing reforms that are required to pave way for a better society.”
He also defended the removal of the fuel subsidy, clarifying misconceptions about its timing and necessity. “We all recall how on assuming office, President Tinubu announced the removal of fuel subsidy but again for the avoidance of doubt, he did not remove subsidy on PMS. It was not in the later part of the 2023 budget but surprisingly the Tinubu administration has had to bear the brunt of subsidy removal.”
Yuguda expressed his long-standing opposition to the fuel subsidy, which he had documented since the Goodluck Jonathan administration, due to the discovery of fraudulent activities associated with it. “Let me quickly add that my opposition to fuel subsidy has been well documented since the Goodluck Jonathan years when as chairman of a subcommittee on the economic meltdown, we recommended its removal after a discovery of the scam being perpetrated in the name of fuel subsidy.”
He also referenced a study showing that despite the low domestic fuel consumption during the COVID-19 lockdown in 2020, Nigeria still paid billions in fuel subsidies. He praised the current administration’s policies, noting, “Indeed, the President has today been proved right with the manner petrol importation has gone down by 50 per cent since June 2023 and it is almost certain to go down more in a few months when Dangote refinery begins to produce PMS locally as well as the impending resumption of production at the Port Harcourt and Warri refineries.”
Overall, Yuguda underscored that the economic challenges were inherited and that Tinubu’s administration is implementing necessary reforms to stabilize and improve the situation.
