A former state chairman of the Peoples Democratic Party in Cross River, Venatius Ikem, says subsidy removal by President Bola Tinubu will soon become his greatest legacy.

Mr Ikem described the decision as one of the most fundamental economic reforms undertaken in Nigeria’s interest, despite the economic hardship the policy has brought.

He said this during an interaction with journalists in Calabar on Thursday.

Mr Ikem said that though the policy had imposed hardship on Nigerians, its long-term benefits would eventually become evident, particularly if the government effectively managed its economic consequences.

“All over the world, no reform-minded president or leader by whatever name called has ever been popular,” Mr Ikem said.

Mr Ikem noted that reforms were often resisted because people naturally became comfortable with existing arrangements and were reluctant to embrace changes to the status quo. He described the fuel subsidy as a major burden on national development, arguing that removing it was necessary to address longstanding structural problems in the economy.

Mr Ikem also said removing the subsidy remained a fundamental decision that would define Mr Tinubu’s presidency in the years ahead.

“I can assure you that many years to come, the only legacy, probably the major legacy, he will be remembered for is the removal of the fuel subsidy,” Mr Ikem said.

Mr Ikem acknowledged that the reform had not been without consequences, particularly the rising cost of living, and explained that this was because the government had not adequately managed the hardship arising from its implementation.

Mr Ikem said Nigeria’s foreign reserves and other macroeconomic indicators had improved, but the benefits were yet to translate into meaningful relief for ordinary citizens.

He noted that economic reforms required sufficient time to produce tangible results, adding that improvements at the macroeconomic level might not immediately reflect in household welfare.

Citing former President Olusegun Obasanjo’s administration, Mr Ikem said the economic reforms implemented during its first term initially generated public resistance but eventually contributed to stronger economic growth.

(NAN)