Connect with us

Nigeria News

Buhari Didn’t Make Any Allocation For Petrol Subsidy, Left An Empty Treasury – Osoba




Buhari Didn't Make Any Allocation For Petrol Subsidy, Left An Empty Treasury - Osoba

Former Ogun State Governor, Olusegun Osoba, has said the Muhammadu Buhari administration did not make any allocation for petrol subsidy.

The All Progressives Congress (APC) chieftain said the past administration dumped the fuel subsidy problem on the Bola Tinubu government after messing up the economy.

Naija News reports that the former Ogun governor stated this during an interview on Arise News on Tuesday.

Osoba stated that Tinubu would have contravened the law had he done anything other than declare an end to fuel subsidy on assuming office on May 29, 2023.

He said: “Yes, there are hardships and problems. We expected it. At the time President Tinubu assumed office, there was not a single allocation for oil subsidy. The previous administration did not allocate a kobo. What else did you expect from the president?

“He had no choice than to announce the removal of subsidy, if not, he would have bridged the law immediately, he was sworn in if he continued with the subsidy.”

As for the effect of the fuel subsidy on the economy, Osoba stated that it would be stupid for anyone to expect differently.

He added: “Naturally, the multiplication effect of the oil subsidy started immediately. It is common sense. I don’t have to be an economist.

 “Cost of transportation shot up by almost 500-1000 per cent. That naturally would affect every aspect of our lives. This I know very well and I am aware. It has affected every area, and there is no segmentation. Both the poor and Rich, even in the private sector.

“Naturally, we don’t expect people to hail the government in every aspect. You will hear, go back home and then rearrange things.”

Speaking further, Osoba said the current administration could not avoid borrowing even if it so desired because it inherited an empty treasury from its predecessor.

While not wholly endorsing the culture, Osoba explained that the Tinubu-led government must necessarily engage in it for the time being if it must deliver.

He said: “When treasury is empty, when the previous administration was borrowing to pay salaries, what else can you do except to borrow for now to fill the gap? That does not mean that the culture of borrowing will go on forever and ever. It’s only serving us for now.

Ige Olugbenga is a fine-grained journalist. He loves the smell of a good lead and has a penchant for finding out something nobody else knows.