Politics
APC Leader Applauds Tinubu’s Efforts In Resolving Electricity Subsidy Challenges For The Benefit Of Nigerians
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In remarks to reporters on Sunday in Osogbo, Olatunbosun Oyintiloye underscored that President Bola Tinubu’s directive demonstrated his responsiveness to the challenges faced by the public…CONTINUE READING
Minister of Power Adebayo Adelabu had revealed on November 8 that President Tinubu had intervened to suspend the implementation of an electricity tariff increase, insisting on nationwide power consumption subsidization.
Oyintiloye, a member of the now-dissolved APC Presidential Campaign Council (PCC), expressed the opinion that eliminating electricity subsidy while Nigerians were still grappling with the consequences of fuel subsidy removal would have been counterproductive.
Olatunbosun Oyintiloye asserted that President Bola Tinubu’s decision to address the electricity tariff hike reflected his ongoing awareness of the sentiments and aspirations of Nigerians.
The APC stalwart highlighted that the Nigerian Electricity Regulatory Commission (NERC) quarterly report indicated a substantial increase in the Federal Government’s subsidy in the power sector, rising from N36 billion in the first quarter to N135.2 billion in the second quarter of 2023.
Oyintiloye pointed out that the NERC reports underscored the ongoing government subsidy for electricity, emphasizing that removing this subsidy, which bridged the gap between the reflective tariff cost and the allowed tariff cost, would have imposed an additional burden on the masses.
“We need to commend the President for not allowing the hike in electricity tariff at this moment to scale through.
“This really shows that the President means well for Nigerians, and all his economic policies are in line with the reality, which is in the best interest of the populace.
“Removing electricity subsidy at this time while Nigerians are still struggling with the effects of fuel subsidy removal would not have been the best.
“But because the President is a man who understands what people are presently going through in terms of exchange rate, galloping inflation, among others.”
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