The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has said the debate over the removal of fuel subsidy is now belated, insisting that the focus should shift to ensuring that Nigerians begin to enjoy tangible benefits from the policy.
The National President of PENGASSAN, Bosun Olabiyi-Agoro, stated this on Friday while speaking on Morning Brief on Channels Television.
According to him, while the removal of the subsidy has contributed to some improvements in Nigeria’s macroeconomic indicators, the gains have yet to translate into better living conditions for the average Nigerian.
“The argument over whether to remove the fuel subsidy or not is now belated. It has been done, but we need to start seeing the benefits of that removal in the lives of everyday Nigerians,” Olabiyi-Agoro said.
He acknowledged that the removal of the subsidy, announced by President Bola Tinubu on May 29, 2023, had imposed significant hardship on Nigerians, particularly workers, as the prices of goods and services rose sharply following the announcement.
He said, “The issue of subsidy is painful. May 29, 2023, when the President made that pronouncement, before he left the podium that day, prices of commodities started jumping even before he left the podium, and it became something very hard on Nigerians and workers by extension.”
The PENGASSAN president, however, said there had been some positive developments in the nation’s macroeconomic outlook, including improvements in gross domestic product, balance of trade and foreign exchange reserves.
He noted that such indicators were encouraging but stressed that they would have little meaning to ordinary Nigerians if they did not result in improved purchasing power, lower living costs and better living conditions.
“We could see some traction on the macroeconomics that is affecting Nigeria today, but you know that will not translate into food and better lives in the life of an average Nigerian almost immediately,” he said.
Olabiyi-Agoro said Nigeria had now moved beyond the debate over whether fuel subsidy should be removed, adding that the government and other stakeholders should concentrate on ensuring that the policy delivers measurable benefits to citizens.
“We are not yet seeing what we are supposed to see, what we are expecting that will make the life of a common man better,” he said.
He added that workers were prepared to contribute to efforts aimed at improving the economy and would support whichever government was in power, provided its policies translated into better conditions for Nigerians.
“As workers, we are ready to do our own, put in our own input in that perspective to support whichever government is in power,” he said.
The PENGASSAN president maintained that the priority should now be to convert the gains recorded in macroeconomic indicators into improvements in the daily lives of Nigerians.
“We want to see positive things in the life of common Nigerians,” he said.
