National leader of the All Progressives Congress (APC), Bola Ahmed Tinubu, says the federal government should immediately remove fuel subsidy.

Delivering a keynote address at the 10th memorial anniversary of the late Bala Usman, a politician and former lecturer at Ahmadu Bello University (ABU), Zaria, in Kaduna, he said the fuel subsidy is being controlled by too many demons, hence it can’t be sanitised.

Speaking on the state of the nation’s economy, Tinubu said: “The task before us is grave and daunting. With oil prices having declined so steeply, the question becomes how must the federal government shape fiscal policy so that we achieve optimal economic production and employment under the given circumstance?

“The voices of old conservative mainstream economists will try to convince us that there is but one way to go: austerity now, austerity forever. They will state that the people must tighten their belts then lift themselves by their own bootstraps.

“However, they do not realise that the people will choke should they tighten that belt any tighter and that most of them cannot pull themselves up alone because they could never afford to buy any boots to strap.

“This austerity advice might be right for another time and place. However, it is the wrong medicine for Nigeria here and now.”

“In a perfect world, I wish we could sanitise the subsidy regime and thus continue with it.

“However, I have reached the conclusion that there are too many demons in the system for that hell to be turned into heaven.

“It is better that we remove it, not for the austere purpose of saving money but to use the money more wisely that we might better save the people. Let us begin a process of a thoughtful, but decisive subsidy phase-out.

“While this is occurring, we should simultaneously phase in social programmes benefiting the poorest, most vulnerable among us. Programmes such as transportation subsidies, school feeding, improved basic medical care and coverage for the poor, and potable water projects are some of the things that can be done with the same funds.

“This way we can undertake this massive expenditure, confident that the fruits will go to the hungry, not the already too well fed.

“End the fuel subsidy. Subsidize the people instead – Subsidize the people instead!”.

Kolapo Olapoju