TheCable

Tunde Ajibulu, a chieftain of the All Progressives Congress (APC), says monies generated from the removal of petrol subsidy should be used for infrastructure projects in each state of the federation.

Ajibulu, a member of the 2023 APC presidential campaign council (pictured 1st from left), stated this in a chat with TheCable on Tuesday, while adding that the monies should not be handed to state governors.

He commended the performance of President Bola Tinubu, and urged Nigerians to be patient “as the president’s reforms will yield positive fruits soon”.

“The president has performed creditably well. Yes, there is hardship now but it is temporary. It is like taking chloroquine which is very bitter with itching side effects but it will get the job done at the end of the day,” he said.

On the depreciating value of the naira, Ajibulu said the government must come up with a policy that will put an end to capital flight.

“The issue of naira fall is a work in progress. It will take a while to get things back to normal. The N23 trillion former President Muhammadu Buhari printed is a lot to mop up, so we have too much naira chasing the dollar,” he added.

“Also, the extra cash from subsidy removal should be tied to projects in states and not given to governors. Nigerians want accountability on how these funds are used.

“We must also boost exportation and come up with a policy that stops capital flight through foreign players in the manufacturing, agro and solid minerals space.”

On May 29, 2023, President Tinubu announced the removal of subsidy on petrol. The pronouncement immediately led to a hike in the pump price of petrol and spiralling inflation across all market segments.