ABUJA – The Chairman, Board of Trustees of the APC Professionals Forum, Dr Isa Yuguda, has said the removal of fuel subsidy by President Bola Tinubu’s administration has saved the country more than N15tn.
Yuguda stated this on Tuesday in Abuja at the second edition of the APC Professionals Forum Policy Roundtable, tagged the “Asiwaju Scorecard Series,” with the theme, “Dissecting the Renewed Hope Deliverables & Achievements.”
He said the forum, which serves as a policy think tank of the All Progressives Congress, was established to provide a platform for professionals, policymakers and other stakeholders to assess government policies and achievements based on facts and evidence.
Yuguda, who chaired the Fuel Subsidy Task Force in 2009, said the committee uncovered serious irregularities, fraudulent practices and financial leakages in the subsidy regime.
He said the subsidy system had become inefficient and consumed huge public resources that could have been channelled into education, security, agriculture, healthcare and infrastructure.
According to him, the decision to remove the subsidy was difficult but necessary, adding that Tinubu demonstrated the political courage to implement a reform that previous administrations had acknowledged but failed to fully execute.
He said, “The additional fiscal space created by the subsidy reform has strengthened the capacity of the federal, state and local governments to address critical national priorities, with over N15tn reportedly saved following the removal of fuel subsidy.”
The former Minister of Aviation and Bauchi State governor also listed the Nigerian Education Loan Fund, increased security funding, investment in modern equipment, agricultural support, mechanisation and reforms in revenue generation and fiscal management as some of the areas where the administration had recorded progress.
Yuguda, however, urged the Federal Government to intensify efforts to tackle insecurity, particularly through stronger border security, intelligence gathering, regional cooperation and improved surveillance.
He said insecurity had been compounded by instability in neighbouring countries, porous borders and the cross-border movement of armed groups and criminal networks.
On the 2027 presidential election, Yuguda urged Nigerians to assess political parties and candidates based on their policies, achievements and realistic solutions rather than campaign promises.
He specifically cautioned against proposals to restore fuel subsidy, saying the policy had previously been associated with massive leakages, fraudulent claims and a huge drain on public finances.
The APC chieftain was apparently referring to former Vice-President Atiku Abubakar’s proposal to restore fuel subsidy if elected President in 2027.
Yuguda said, “Every Nigerian has the democratic right to present alternative policies, but economic choices must be guided by facts, experience, sustainability and the long-term interest of the country.”
He urged Nigerians to have an honest conversation about the cost of the former subsidy regime and the benefits that could accrue when public resources were redirected to sectors capable of improving citizens’ lives.
Speaking, the National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda,said President Bola Tinubu’s administration was targeting a $1tn economy by 2030 through massive investments in infrastructure, energy, human capital and trade.
Yilwatda, who represented Tinubu at the second edition of the Asiwaju Scorecard Series/Asiwaju Policy Roundtable in Abuja, said the ambitious target was part of efforts to move Nigeria from economic uncertainty to stability, growth and prosperity.
He said Tinubu inherited an economy characterised by fuel subsidy distortions, multiple foreign exchange windows, weak revenue mobilisation, foreign exchange shortages and rising debt-service pressures when he assumed office on May 29, 2023.
The APC chairman said the administration had taken difficult decisions, including the removal of fuel subsidy and reforms in the foreign exchange market, insisting that the measures were beginning to strengthen the economy.
According to him, Nigeria’s gross external reserves rose to about $52.7bn by August 2026, while consolidated non-oil revenue increased from about N13.63tn in 2023 to N16.4tn in the first two quarters of 2026.
He added that Nigeria’s merchandise trade surplus jumped from N44.8bn recorded in the whole of 2023 to about N7.54tn in the first quarter of 2026, while real Gross Domestic Product grew by 4.43 per cent in the second quarter.
Yilwatda, however, acknowledged that the improved macroeconomic indicators had yet to fully translate into relief for ordinary Nigerians.
“Macroeconomic stability is not the destination; it is the foundation,” he said, stressing that the real test would be whether the reforms resulted in cheaper food, more jobs, affordable credit, reliable electricity and increased purchasing power.
On the $1tn economic target, the APC chairman said the objective was not merely a figure but a national mission to increase production, exports and investment while creating jobs for Nigerians, particularly youths.
He said the administration planned to maximise Nigeria’s maritime potential by developing an integrated five-port maritime and logistics corridor linking major deep-sea ports in Lagos, Ondo, Ibom, Port Harcourt and Calabar.
According to him, the ports would be connected by modern rail and road networks, with the Lagos-Calabar Coastal Super Highway serving as a major coastal road link.
Yilwatda said the proposed network would also connect Nigeria’s maritime gateways to major cities, production centres and landlocked markets in the Sahel and Central Africa.