Cabals, not Nigerians, benefitted from petrol subsidy, Tinubu right to remove it – Senator bamidele

• He explained that the federal government took the decision in the best interest of Nigerians, adding that it was not oblivious to its impact on Nigerians

The Leader of the Senate, Senator Opeyemi Bamidele, says the masses didn’t benefit from the now removed petrol subsidy like it was designed to.

Bamidele, who’s also the chairman of southern senators, said some cabals were enriching themselves with the subsidy regime.

Speaking on Monday while addressing journalists in Iyin Ekiti, he said that the president Bola Tinubu government did the right thing by ending petrol subsidy.

He explained that the federal government took the decision in the best interest of Nigerians, adding that it was not oblivious to its impact on Nigerians,

He said: “We are not unmindful of the immediate impact of the fuel subsidy removal. But we are convinced subsidy removal is a right decision taken because no other person than a cabal in the oil and gas industry and their promoters in the government were benefitting from the fuel subsidy regime.

“No one else is actually benefiting from the fuel subsidy. It was not about the people because the masses were not benefitting from it in any way. It was a major source of bleeding in our economy.

“This administration did the right thing by putting an end to the fuel subsidy regime. Part of what we have seen after the fuel subsidy removal was a fight back from those who were the beneficiaries of the fuel subsidy regime.

“They are doing everything possible to make sure the pump price of premium motor spirit goes up because we are more of a consumer economy. We do not produce. A lot of things we are consuming in Nigeria are imported.

“What this means is that if Naira is devalued either consciously against the Dollars or commodities imported to Nigeria, we have to spend more to bring these things. The supplier will have to sell them at a higher rate. This trend is making commodity prices go out of the reach of the Nigerians.

“People’s income has not increased. Yet, they have to pay double for a bag of rice today compared to what they paid one or two years ago. This is extremely painful for all Nigerians. How many Nigerians can afford a bag of rice today without a corresponding increase in their income?

“Nigerians are working so hard. But the prices are rising out of their purchasing powers. These are some of the immediate effects of very drastic economic decisions taken by the federal government. But its long term effect will, God’s grace, stabilise the economy.”