THE OFFICIAL POSITION OF SDP ON FUEL SUBSIDY; by the National Secretary, SDP

 *Social Democratic Party*

31 May 2023




*Preamble*

It is a healthy development that various segments of the country, government agencies, professional bodies, investors, labour union leaders, traders, workers, and other associations, are having public discussions on how policies of Government on fuel subsidy could affect their well-being, businesses, and wealth. These have followed the tough decisions taken by the new Tinubu Administration to commence with the removal of fuel subsidy which, if well-handled, could impact positively on both the economic growth and economic development of Nigeria. 


*The Position of SDP*

To avoid any misconceptions and misrepresentations about the position of the Social Democratic Party (SDP), this is to publicly state the SDP position below for clarification as follows:

a. We recognise that sometimes a nation needs to take tough decisions for its survival, and for Nigeria, the moment is here.

b. We recognise subsidies as fiscal tools used by governments to foster economic development, usually to maintain prices of commodities or products at a particular level.  It is a design which, when properly deployed, becomes a tool for social justice in line with the SDP Manifesto.

c. We have noted that successive past nine Presidents of the Federal Republic over the past 37 years announced the removal of fuel subsidy but did not have the political will or determination to accomplish this but rather only multiplied the ills of the fuel subsidy making severe negative impacts on the economy and the people of Nigeria.

d. We have noted that for almost four decades, successive governments of Nigeria found something wrong with what necessitated the fuel subsidies but had kept making things worse and could not address the problems positively. 

e. We recognise that should any of these nine past governments of Nigeria had been an SDP Government, it could have, based on its ideology of social justice, addressed the root causes that necessitated these unsustainable subsidies in the petroleum industry.

f. We support the removal of fuel subsidy in the circumstances in Nigeria and commend the steps taken by the current administration as bold and positive.

g. We expect that the new Tinubu Government will put in place well thought out implementation policies, programmes and projects that would lead to complete deregulation process, multiple local refineries, as well as general increase in national productivity and ultimate national competitiveness that will effectively engender significant increase in the well-being and welfare of the people within a short time.


*Dr Olu Agunloye. National Secretary, SDP 31 May 2023 Abuja*

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