PDP Member Slams Tinubu’s Economic Policies

Adetokunbo Pearse, a member of the Peoples Democratic Party (PDP) National Presidential Campaign Council, has criticized President Bola Tinubu’s economic policies, particularly the removal of petrol subsidy, referring to it as a disaster.

Pearse shared his views during a recent appearance on a Channels TV programme.

He voiced the concerns of Nigerians who are eager to understand the actual landing cost of Premium Motor Spirit (PMS), commonly known as petrol. Rather than advocating for the complete removal of subsidies, Pearse argued that President Tinubu should have meticulously investigated the fluctuations in the landing cost of petrol, which is managed by the Nigerian National Petroleum Company Limited (NNPCL).

Pearse emphasized the need to address the issues of corruption and inefficiency within the NNPCL, stressing that tackling these challenges could lead to more affordable petrol prices and prevent economic instability. He urged President Tinubu to focus on rectifying the wastage and corruption within the oil industry to achieve a sustainable solution.

Expressing his disappointment with President Tinubu’s economic approach, Pearse criticized his understanding of economics, labeling him a “bookkeeper” rather than someone with a comprehensive understanding of business and economic development. He highlighted that the operation of a successful economy requires a business-oriented mindset, and President Tinubu’s decisions are having adverse effects.

Pearse called for an investigation into the NNPCL to uncover the reality behind the pricing and cost structures. He pointed out the discrepancy between the low landing cost and the high pump prices, underscoring that the emergence of the Dangote Petroleum Refinery and the rehabilitation of local refineries should logically lead to reduced petrol costs.

Notably, Pearse referred to a statement made by Mele Kyari, the Managing Director of NNPCL, where Kyari indicated that even with the Dangote oil refinery in operation and local refineries repaired, the pump price of fuel would not decrease. Pearse found this statement concerning and insisted that the NNPCL’s claims and actions should be scrutinized.

President Tinubu officially announced the removal of fuel subsidy in his inaugural address on May 29, 2023. Following this decision, the pump price of petrol saw a significant increase. Pearse’s critique sheds light on the complexities surrounding this policy change and the broader economic implications it carries.