The All Progressives Congress (APC) says the pains resulting from hike in the petrol pump price and electricity tariffs would be temporal.
According to a statement by Deputy National Publicity Secretary, Mr Yekini Nabena on Tuesday, the party noted that Nigerians must endure the pains now to enjoy later in the future.
The party insisted that the deregulation policy which caused the petrol pump price hike would yield maximum benefits in the not-too-distant future.
APC also urged the organised labour not to cripple the polity with protests or strike as being canvassed by the opposition.
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“On the positive side, the short and long-term benefits on the citizenry and our national life will become obvious and directly felt in critical sectors such as health, education, infrastructure and social services targeted at the poor.
“We point to shocking estimates by the Nigerian Institute for Social and Economic Research (NISER) which reports that the budget for fuel subsidies in 2019 was sufficient to enrol the entire population of Nigeria in the National Health Insurance Scheme (NHIS). Further, fuel subsidies took over N10 trillion of our national resources since 2006.
“At least, the generality of Nigerians and stakeholders agree on a thousand and one reasons why fuel subsidy has become unsustainable. The perceived benefits of fuel subsidies have long been overtaken by the previous corruption and drain on scarce resources that should be directed to other critical sectors,” the party said.
APC added that the Federal Government was working relentlessly to sustain deregulation and get the private sector more involved in the petroleum sector.
“The task before us now is to improve our local refining capacities which we are already on course to achieving and maintain a competitive, market-driven, transparent and accountable petroleum pricing template which meets global best practices, particularly in a developing country such as ours,” APC said.
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