NANS rejects calls to restore fuel subsidy
The National Association of Nigerian Students has urged Nigerians, particularly youths, to reject calls by some political figures for the reinstatement of fuel subsidy, arguing that attention should instead be focused on ensuring transparency in the management of savings from its removal. NANS National President, Babatunde Akinteye, made the call on Tuesday in Akure, Ondo State, while speaking at a youth summit sponsored by the Minister of Interior, Olubunmi Tunji-Ojo, with the theme, “Unlocking Ondo State students’ potentials for economic growth.” Akinteye said Nigeria had operated the subsidy regime for about four decades despite repeated concerns from successive administrations and economic experts that it was financially unsustainable. He argued that Nigerians should demand accountability for funds saved through subsidy removal and ensure they are invested in projects and programmes that directly improve citizens’ welfare. According to him, the subsidy regime did not prevent recurring fuel scarcity despite the huge resources committed to it, while previous governments sometimes borrowed money to finance subsidy payments and other recurrent obligations. He also attributed recent increases in petrol prices partly to the impact of the Iran-United States conflict, noting that prices had been declining before the conflict.
The NANS president maintained that restoring the subsidy would place an additional financial burden on the country and urged political aspirants to present practical plans for using subsidy savings to drive national development rather than promising a return to the old system. He cited the Nigerian Education Loan Fund as one of the interventions that had benefited students since the subsidy removal. Akinteye also noted that provisions for fuel subsidy payments had been discontinued in the 2023 Appropriation Bill prepared under former President Muhammadu Buhari and maintained that successive administrations had recognised the policy as unsustainable. His position comes amid renewed political debate over the subsidy, with the All Progressives Congress criticising former Vice-President Atiku Abubakar’s proposal to restore it, while the African Democratic Congress has demanded accountability over what it described as N15.8 trillion in additional revenue from the reforms. APC National Chairman, Prof Nentawe Yilwatda, warned that reinstating the subsidy could undermine ongoing economic reforms, affect workers’ wages and education funding, and weaken the fiscal stability of states.
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