A former State Chairman of the Peoples Democratic Party (PDP) in Cross River, Venatius Ikem, says President Bola Tinubu’s subsidy removal will soon become his greatest legacy.
Ikem described the decision as a fundamental economic reform in Nigeria’s interest, despite the economic hardship it has caused.
He said this during an interaction with journalists in Calabar on Thursday.
He stated that while the policy has imposed hardship on Nigerians, its long-term benefits will become evident if the government manages its economic consequences effectively.
“All over the world, no reform-minded president or leader by whatever name called has ever been popular,” he said.
He noted that reforms are often resisted because people become comfortable with existing arrangements and are reluctant to accept changes to the status quo.
He described the fuel subsidy as a major burden on national development and argued that its removal was necessary to address longstanding structural problems in the economy.
He added that removing the subsidy is a fundamental decision that will define Tinubu’s presidency in the years ahead.
“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,” he said.
He acknowledged the reform’s consequences, especially the rising cost of living, and said the government has not adequately managed the resulting hardship not effectively done,” he said.
Ikem said Nigeria’s foreign reserves and other macroeconomic indicators have improved, but these benefits have not yet provided meaningful relief for ordinary citizens.
He noted that economic reforms require time to yield tangible results and that macroeconomic improvements may not immediately impact household welfare.
Citing former President Olusegun Obasanjo’s administration, Ikem said the economic reforms implemented during its first term initially generated public resistance but eventually contributed to stronger economic growth.
He expressed confidence that a second term for Tinubu would allow Nigerians to experience the benefits of the reforms.
“I believe it’s in returning him to power for a second term that the effects and benefits of that monumental decision will begin to be felt at the microeconomic level,” he said.
Ikem urged the administration to prioritise measures that cushion the reforms’ effects on Nigerians while continuing efforts to stabilise the economy.
