A former chairman of the Peoples Democratic Party in Cross River State, Venatius Ikem, has expressed confidence that President Bola Tinubu will eventually be remembered for removing the fuel subsidy, describing the policy as one of the most significant economic decisions taken in Nigeria’s national interest.
Ikem acknowledged that the policy had subjected Nigerians to considerable economic difficulties but maintained that its long-term advantages would become apparent if the government successfully addressed the challenges associated with its implementation.
He made the remarks while speaking with journalists in Calabar on Thursday, noting that leaders who introduce far-reaching economic reforms rarely enjoy immediate public approval because of the disruptions such policies often cause.
“All over the world, no reform-minded president or leader by whatever name called has ever been popular,” Mr Ikem said.
The former PDP chairman explained that resistance to economic reforms was largely driven by people’s attachment to familiar economic arrangements and their reluctance to accept changes that could disrupt established practices.
He argued that the fuel subsidy had constituted a significant obstacle to Nigeria’s economic progress over the years, insisting that its removal was necessary to tackle some of the country’s longstanding economic challenges.
Ikem further maintained that the decision would remain a defining feature of Tinubu’s administration and could emerge as the most prominent achievement associated with his presidency.
“I can assure you that many years to come, the only legacy, probably the major legacy, he will be remembered for is the removal of the fuel subsidy,” Mr Ikem said.
However, he admitted that the policy had triggered considerable economic pressure, particularly through increased living costs, attributing much of the public’s suffering to the government’s failure to adequately cushion the effects of the reform.
According to him, although Nigeria has recorded improvements in foreign reserves and other key macroeconomic indicators since the policy was introduced, such progress has yet to produce substantial economic relief for ordinary Nigerians.
He explained that the benefits of major economic adjustments do not always translate immediately into improved living conditions, stressing that developments in national economic statistics may take considerable time to reflect in the financial circumstances of households.
Drawing comparisons with the administration of former President Olusegun Obasanjo, Ikem recalled that economic reforms introduced during Obasanjo’s first term also attracted public criticism and opposition before eventually contributing to improved economic growth.
He suggested that the experience demonstrated the importance of allowing major economic policies sufficient time to deliver their intended results, while ensuring that governments address the immediate difficulties faced by citizens.
