Subsidy Removal Marked Significant Turning Point for Nigeria’s Economy, Says Brisibe

Olusegun Samuel in  Yenagoa

A professor in Family Medicine, Prof. Seiyefa Brisibe, has expressed support for President Bola Tinubu’s recent removal of fuel subsidy, saying the action was long overdue because of the effects on the nation’s Gross Domestic Product (GDP) and the economy.

He said the removal of fuel subsidy in Nigeria marked a significant turning point for the country’s economy, insisting that subsidy had been a persistent challenge for the nation’s economic managers.

Speaking at the Annual General Meeting (AGM) and Scientific Conference of the Bayelsa State branch of the Nigerian Medical Association (NMA), held in Yenagoa, he said fuel subsidy posed several challenges to the economy.

The Professor who spoke on the theme: “The Impact of Fuel Subsidy Removal on Effective Health Care Delivery in Bayelsa State,” said petrol subsidy that was intended to make fuel prices affordable, suffered from corruption and mismanagement, benefiting a few while neglecting the majority.

He said, “Moreover, the substantial financial commitment required to sustain the subsidy strained the national budget, diverting resources from critical sectors like education, infrastructure, and healthcare. The subsidy also created market distortions and hindered the growth of a competitive downstream oil sector.

“The removal of fuel subsidy was a necessary step to address these economic issues. It aimed to promote transparency, curb corruption, and redirect resources to areas that would benefit the majority of the population.

“Although the gains and effects of subsidy removal are yet to be fully realised, the removal of fuel subsidy opens up opportunities for a more sustainable and inclusive economic future for Nigeria.

“While the subsidy had some minor benefits, it disproportionately favored the wealthier segments of society rather than addressing the needs of the impoverished masses.

“By eliminating subsidy, the government aims to level the playing field and ensure that resources are allocated more equitably to benefit all citizens.

“The long-term effects of subsidy removal are anticipated to align with the objectives of fostering transparency, accountability, and promoting a fairer distribution of resources.”

He said the historical timeline of fuel subsidy in Nigeria had been marked by a series of shifts, protests and reversals, praying that this time, the decision stand firms and not reversed under pressure of ailing Nigerians

“Instead, let us aspire that the remunerations obtained from the removal of fuel subsidy is judiciously utilised to finance crucial sectors of the economy, such as education, infrastructure, and healthcare.

“By channelling these resources towards important areas, we can cultivate sustainable development and enhance the overall well-being of the Nigerian people,” he advocated.