93% Of Earnings Gone — APC Reveals Why Petrol Subsidy Could No Longer Continue

The National Publicity Secretary of the All Progressives Congress (APC), Felix Morka, has maintained that President Bola Tinubu did not single-handedly remove Nigeria’s petrol subsidy, arguing that the policy had already been abolished through legislation before Tinubu assumed office.

Morka made the clarification during an interview on Arise News while responding to criticism from former Vice-President Atiku Abubakar and his political allies over the decision to end the subsidy regime.

According to Bush Radio Academy, the APC spokesman said the National Assembly under the previous administration had already legislated the removal of the subsidy and that the 2023 budget contained no provision for subsidy payments.

Morka argued that Tinubu’s decision to announce the policy at the beginning of his administration was therefore an implementation of an existing legislative position rather than a unilateral action by the President.

He also defended the decision on economic grounds, claiming that the country’s finances were already under severe pressure when Tinubu assumed office.

According to Morka, the Nigerian National Petroleum Company Limited (NNPCL) was not remitting dollars to the national treasury at the time the President took office, raising questions about how the government could continue financing the subsidy.

The APC spokesman further claimed that more than 93 per cent of the country’s earnings were being consumed by petrol subsidy payments and debt servicing, which he described as financially unsustainable.

Morka acknowledged that removing the subsidy would inevitably create economic difficulties for Nigerians, particularly because many citizens had become accustomed to relatively low petrol prices supported by government intervention.

He argued, however, that maintaining the subsidy would have continued to expose the system to corruption and rent-seeking while placing additional pressure on the nation’s finances.

The APC spokesman said the economic situation could have deteriorated significantly if the government had chosen to retain the previous arrangement.

He also accused Atiku and his political allies of using the subsidy debate to appeal to the emotions of Nigerians for political purposes.

According to Morka, the former vice-president and those supporting his position were aware of the economic realities surrounding the subsidy but were presenting the issue differently because of political considerations.

He maintained that the Tinubu administration’s decision was necessary to address structural weaknesses in the economy and place public finances on what he described as a more sustainable path.