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Oodua Groups Rally Behind Tinubu in Support Of Fuel Subsidy Removal

The Coalition of Oodua Self-Determination Groups has called on Nigerians to support President Bola Tinubu’s decision to remove fuel subsidies, stating that it is the right move. During a joint press conference held at the Airport Hotel in Ikeja, Lagos State on June 6, 2023, Mr Razak Olokoba, the leader of the Yoruba groups, emphasized that Nigeria cannot afford to allocate trillions of naira solely to fuel subsidies.

Olokoba stated, “In the current year, Nigeria allocated N11 trillion of its oil revenue to subsidize petrol alone. This cannot continue. It is a significant amount of money being wasted, yielding little or no results.”

He further explained that this substantial sum could be utilized to address various deficits, including infrastructure, housing, education, healthcare, and overall improvements in the quality of life for Nigerians. Additionally, it would contribute to strengthening the national currency. Olokoba highlighted that Nigeria heavily relies on petroleum exports for 90% of its revenue, yet one-third of the country’s Gross Domestic Product generates no revenue from the sector. He mentioned, “Tinubu stated that he inherited the assets and liabilities of the previous administration. Nigeria currently carries a massive burden of local and foreign debts amounting to N71 trillion.”

The leader of the Oodua groups argued that failure to eliminate the subsidy would be detrimental to Nigerians, noting that despite the Nigerian government granting 20 refinery licenses to private companies since the year 2000, none have been constructed except for Dangote’s recently inaugurated refinery. Olokoba further advocated for increased competition in the oil sector, believing it would lead to lower prices.

Further details will be provided at a later time.

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