President Bola Tinubu has declared that he has no regrets over the removal of petrol subsidy, insisting that the controversial policy was necessary to reset Nigeria’s economy and redirect resources to productive investments.
The President spoke on Thursday when he received the Executive President of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Salimon Oladiti, and members of the union at the Presidential Villa, Abuja.
Tinubu, who also assured Nigerians that the country’s moribund refineries would return to operation, cautioned that mere activity at the facilities would not amount to success unless they became productive and profitable.
“The refineries you mentioned are going to come back to work. We’re just building a very firm reset and structural reworking of the economy,” he said.
He added that the sight of flames and smoke from a refinery should not be mistaken for productivity, stressing that the facilities must operate profitably and deliver the value for which they were established.
The President’s comments came against the backdrop of NUPENG’s concerns over the delayed revival of the country’s state-owned refineries and the condition of infrastructure supporting the petroleum industry.
Tinubu, however, used the occasion to make a strong defence of his administration’s decision to remove fuel subsidy, recalling his earlier confrontation with organised labour over the policy.
He said he had made it clear during a meeting with labour leaders at Akodo Resort, Lagos, that no threat of industrial action would compel his administration to restore the subsidy.
“You may strike all you want, but fuel subsidy will be gone,” Tinubu recalled telling labour leaders.
According to him, the administration would soon publish details of how resources saved from subsidy removal had been utilised, arguing that the reforms had created fiscal space for long-term infrastructure and other government investments.
Tinubu cited major road projects, including the Lagos-Ibadan, Abuja-Kaduna, Abuja-Kano and Sokoto-Badagry corridors, as evidence of the benefits of the fiscal reforms.
He also rejected the argument that subsidy removal had only hurt ordinary Nigerians, maintaining that regular payment of salaries to workers at the federal, state and local government levels was among the benefits arising from the reforms.
“Who are the people receiving the salaries in the local government administration? Are they not common men and women receiving salaries regularly?” he asked.
The President said he had accepted responsibility for both the assets and liabilities inherited from previous administrations and was determined to fix the economy regardless of its starting point.
“I take responsibility for that, and I’m going to do it,” he declared.
Tinubu further appealed to transport and truck operators benefiting from the lower operating costs associated with Compressed Natural Gas (CNG) to pass the savings on to commuters rather than retaining the entire benefit.
“We will encourage you, but ask your drivers to let it trickle to the commuters too,” he said.
The President assured the union that his administration would continue to pursue reforms despite the difficulties associated with governing a complex democracy, promising that Nigerians would eventually enjoy the benefits of the changes.
Earlier, Oladiti appealed to the President to intervene in the persistent casualisation of workers in the upstream oil and gas sector.
He said NUPENG and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had repeatedly engaged affected companies without achieving meaningful results.
Oladiti described casualisation as an “unhealthy trend” and urged Tinubu to use his office to end the practice, particularly in the upstream sector.
He also commended the administration’s road rehabilitation programme, noting that improved highways had enhanced the safety of tanker drivers who transport petroleum products across the country.
According to him, good roads could determine whether tanker drivers returned safely to their families, citing ongoing projects including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway.
The NUPENG leader also welcomed efforts to revive the Warri and Port Harcourt refineries through partnerships with Chinese firms, but urged the Federal Government to extend similar attention to the ageing depot network of the Nigerian Pipelines and Storage Company (NPSC).
He recommended that the depots be handed over to private investors under an equity arrangement to restore their functionality.
Oladiti further urged the President to prevail on state governors to comply with the Supreme Court judgment affirming the financial autonomy of local governments.
Tinubu said the government would continue to work with labour and other stakeholders to ensure that the ongoing economic reforms ultimately translate into improved living standards and a stronger Nigerian economy.
