Showunmi Defends Tinubu’s Fuel Subsidy Removal, Says Nigeria Was Near Economic Collapse

Zaharaddeen Ishaq Abubakar | Katsina Times

KATSINA, November 10, 2026 —

The Founder and Convener of the Alternative Politics Movement, Otunba Segun Showunmi, has defended President Bola Ahmed Tinubu's decision to remove petrol subsidy, arguing that Nigeria was facing severe financial difficulties before the current administration assumed office in May 2023.

Showunmi said the country could no longer sustain the subsidy regime, which he described as a major drain on public resources that had failed to deliver the economic benefits expected over several decades.

He spoke on Tuesday while responding to questions from journalists shortly after a press briefing at the Nigeria Union of Journalists (NUJ) Secretariat in Katsina.

According to him, the subsidy system, which originated in the 1970s and became established around 1978, was initially intended to promote industrial development, improve living standards and strengthen the Nigerian economy.

However, he argued that successive administrations had failed to achieve those objectives despite committing substantial public funds to the programme.

Showunmi maintained that by the time Tinubu assumed office on May 29, 2023, the country was in a critical financial position, adding that there was no provision in the inherited budget to sustain petrol subsidy beyond the inauguration date.

He said previous administrations had avoided taking decisive action because of the political consequences associated with removing the subsidy.

The political figure cited the administration of former President Goodluck Jonathan, which attempted to withdraw the subsidy but faced widespread public resistance.

He questioned why Nigeria had failed to translate periods of high international oil prices into significant improvements in infrastructure, workers' welfare and public services.

Showunmi also alleged that the previous subsidy arrangement encouraged the diversion of petroleum products to neighbouring countries, including Cameroon and the Republic of Benin.

He raised concerns over the reported volume of petrol consumption under the arrangement, alleging that fraudulent importation claims, questionable documentation and inflated subsidy payments contributed to the country's financial difficulties.

Recalling former President Muhammadu Buhari's description of Nigeria as a "fantastically corrupt" country, Showunmi said the previous administration inherited serious institutional and financial challenges.

He argued that the country's financial constraints affected its ability to provide military equipment, finance infrastructure and meet other public obligations.

He also recalled the difficulties experienced by some state governments in paying workers' salaries and pensions, noting that federal financial bailouts had become a recurring feature of the country's fiscal management.

Using a household analogy, Showunmi said a family that continually borrowed money to supplement its income could not sustainably maintain an appearance of prosperity.

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He argued that Nigeria had similarly relied on borrowing and anticipated oil revenues to finance present expenditure, a situation he said could not continue indefinitely.

Defends Tinubu's Economic Reforms

Defending the Tinubu administration, Showunmi said the economic reforms were designed to address longstanding structural weaknesses and improve the management of public finances.

He claimed that Nigeria's financial position had improved under the current administration, citing increased government savings and greater availability of resources for development programmes.

He also criticised previous foreign exchange restrictions, arguing that they had contributed to difficulties in accessing foreign currency and undermined the country's international economic standing.

Although acknowledging that the reforms had imposed economic hardship on Nigerians, Showunmi maintained that the measures were necessary to establish a more sustainable economic system.

He urged Nigerians to consider the country's financial condition before the current administration assumed office and assess the reforms based on their long-term objectives rather than their immediate consequences.

Supports CNG as Alternative to Petrol

Showunmi also highlighted the introduction of compressed natural gas (CNG) buses and vehicle conversion programmes as part of efforts to diversify Nigeria's transportation energy sources.

He said the initiatives could reduce dependence on petrol and provide alternative energy options for public transportation.

According to him, Nigeria needs to explore its natural gas resources and develop alternative energy sources to address longstanding challenges in the transportation sector.

He maintained that although the reforms were difficult, abandoning them without addressing the underlying financial problems could return the country to the economic challenges associated with the previous subsidy arrangement.

Calls for Patience

The Alternative Politics Movement convener urged Nigerians to exercise patience with the Tinubu administration, arguing that structural economic reforms require time to produce their intended results.

He said the government needed to maintain a consistent policy direction to address the country's fiscal challenges and create a stronger foundation for sustainable development.

Showunmi further argued that political leaders proposing alternative economic policies should explain how such programmes would be financed and sustained without placing additional pressure on public finances.

He called on Nigerians, particularly residents of the North-West, to support Tinubu's re-election bid in 2027, saying continuity in governance would allow the administration to consolidate its ongoing reforms.

He also urged journalists to provide balanced coverage of government policies and development initiatives, stressing the importance of informing the public about national economic decisions.