The Coalition Against Corruption and Bad Governance (CACOBAG) has called for the resignation of Finance Minister Taiwo Oyedele over his warning that the naira could depreciate to between N3,000 and N4,000 per dollar if the Federal Government considers restoring fuel subsidy.
The coalition described the reported remarks as insensitive to Nigerians struggling with rising living costs, insisting that the government should prioritise citizens’ welfare and economic relief.
In a statement issued on Thursday by its chairman, Toyin Raheem, CACOBAG reacted to comments reportedly made by Oyedele during a briefing at the International Monetary Fund and World Bank Annual Meetings in Bangkok.
The minister reportedly warned that even considering a return to fuel subsidy could trigger negative reactions in the foreign exchange market, increase borrowing costs and weaken the naira.
However, CACOBAG argued that affordable energy was essential to economic productivity, noting that high petrol prices increase transportation, food production, housing, healthcare and education costs.
The group criticised President Bola Tinubu’s removal of fuel subsidy on May 29, 2023, arguing that the policy was implemented without adequate consultation or sufficient protection for vulnerable Nigerians.
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It also faulted the administration over electricity supply, insecurity, unemployment and alleged corruption, questioning why citizens should continue to bear the burden of economic reforms.
On concerns that subsidy restoration could encourage smuggling and corruption, CACOBAG urged the government to strengthen law enforcement and address institutional weaknesses rather than deny Nigerians relief.
The coalition further claimed that petrol could sell for as low as N100 per litre if corruption and inefficiencies in the petroleum sector were eliminated. It argued that revenue from other refined petroleum products could help offset refining costs.
With the 2027 general elections approaching, CACOBAG urged Nigerians to assess political candidates based on competence, integrity, accountability and commitment to public welfare rather than ethnic or religious considerations.
The group also questioned whether Tinubu and members of his economic team should remain in office or seek another mandate, given the hardship facing citizens.
CACOBAG said it could recommend Nigerians capable of improving the country’s economic conditions and reducing petrol prices, adding that the country belonged to all its citizens.
