‘Tinubu Was Ill-Advised To Remove Fuel Subsidy, It Has Increased Poverty’- Kenneth Okonkwo Says

• Kenneth Okonkwo has described the timing of President Bola Tinubu’s fuel subsidy removal as ill-advised, saying the policy has contributed to worsening poverty and economic hardship.
• He argued that Nigeria should have prepared adequately before ending the subsidy, while defending Atiku Abubakar’s position that fuel subsidy should not exist in an oil-producing country.

Kenneth Okonkwo, spokesperson for African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has criticised President Bola Tinubu’s fuel subsidy removal, arguing that the policy was poorly timed and has worsened hardship in Nigeria.

Speaking on Channels Television’s Sunday Politics, Okonkwo said subsidy should not exist in Nigeria in the first place, but maintained that the government ought to have put measures in place before removing it.

He noted that with petrol selling for about ₦1,300 per litre, filling a 100-litre vehicle tank would cost roughly ₦130,000, which is almost twice the ₦70,000 minimum wage.

“No responsible or compassionate leader will sit down and accept such a level of induced poverty by this regime,” he said.

Okonkwo also disputed claims that inflation is declining, saying Nigerians continue to face rising prices of food, transportation and other essentials.

“What I am saying is, because I am an economist, that the definition of inflation is when the prices of goods are rising. So, if the prices of goods are rising and you are telling us the inflation figure is going down, that is voodoo economics,” he stated.

He recalled that he had opposed the timing of the subsidy removal shortly after the policy was announced, warning that the approach would become difficult to sustain.

“I said we were reckless in going into oil subsidy, and we ought not to be reckless coming out of it,” Okonkwo said.

According to him, the government should have first ensured adequate fuel supply and eliminated monopoly before removing the subsidy.

“There ought not to be subsidy in the first place in Nigeria because oil is our product. This is what Atiku is saying,” he added.

His comments have triggered mixed reactions on social media, with some Nigerians agreeing that the subsidy removal has worsened economic hardship, while others questioned whether Nigerians were significantly better off before the policy was removed.

Victor Jeremiah: Poverty? That’s understatement. Many have even kpai

Chika Chika-Chiaghanam: Seems he has forgotten about Peter Obi 😅

Emmanuel Ajayi: Were we rich when the subsidy wasn’t removed

Certified Olatunde: The supsidy will finish us.

Heart Anthony: Some of his supporters do not even know what is Fuel Subsidy, some argue as if their lives depend on it. Money for the Fuel Subsidy is Nigerians money, even if they stopped paying are you receiving it?

Helen Benny Chinenye: He is aiming at tinubu now so han appointment him as one of them

Hamza Jibril: Anyway belle face 😁