Ado-Iliyasu Faults Tinubu’s Economic Reforms, Says Subsidy Removal Was A False Start

The Nigeria Democratic Congress (NDC) candidate for the Federal Capital Territory (FCT) Senatorial District, Dr. Ibrahim Ado Iliyasu, MCArb, FICMC, has criticised the economic policies of the Bola Ahmed Tinubu administration, describing the removal of petrol subsidy as a “false start” that has imposed severe hardship on Nigerians.

Dr. Iliyasu, a world-class Chartered Arbitrator and President of the North Central People’s Development Initiative, made the remarks while appearing as a guest on Kaftan TV, where he assessed the impact of the Federal Government’s economic reforms and the state of the Nigerian economy.

The discussion came amid renewed national debate over what has happened to the revenues generated following the removal of the petrol subsidy and the foreign exchange reforms introduced by the administration.

President Tinubu has consistently defended the subsidy removal, arguing that it was necessary to prevent fiscal collapse and create room for economic recovery. In May 2026, the Presidency said the policy had helped avert imminent bankruptcy and laid the foundation for economic stability. 

However, Dr. Iliyasu said the policy, in the manner it was implemented, had placed an excessive burden on ordinary Nigerians.

“There is what they call a false start in the field of athletics. I think the subsidy removal announcement that was made by Mr. President at the inauguration was a false start. I was never in support of subsidy removal,” he said.

According to him, while government may have increased its revenues through the policy, the fundamental question remains whether Nigerians are receiving commensurate benefits from the reforms.

His position comes against the backdrop of recent explanations by the Federal Government on how the resources generated from the reforms have been utilised.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said in July that savings from fuel and foreign exchange subsidy reforms had largely been absorbed by increased debt-servicing costs, higher wages and other government expenditures. The government has also promised to provide a detailed account of the funds and how they were spent. 

The Federal Government's current reform figures indicate that an estimated ₦15.8 trillion in subsidy savings was shared across the Federal Government, states and local governments, while additional expenditure pressures amounted to about ₦30.6 trillion, including wage adjustments, debt servicing, infrastructure, electricity support and social programmes. 

Dr. Iliyasu, however, argued that the figures should not obscure the everyday economic realities confronting Nigerians.

He expressed concern over rising living costs, declining purchasing power, unemployment and the growing number of Nigerians seeking opportunities outside the country.

According to him, economic hardship can create a chain reaction in which poverty produces hunger, hunger fuels desperation, and desperation can contribute to insecurity and mass migration.

He therefore urged the Federal Government to focus more intensely on policies capable of translating increased government revenue into tangible improvements in the lives of ordinary citizens.

The FCT senatorial candidate also questioned some of the administration’s infrastructure priorities, particularly what he described as excessive spending on major projects while critical needs across the country remain inadequately addressed.

He cited the Lagos-Calabar Coastal Highway as an example of a project that, in his view, deserves greater scrutiny regarding expenditure and priorities.

The coastal highway remains one of the administration's flagship infrastructure projects. In May 2026, the Federal Executive Council approved, among other projects, ₦1.86 trillion for an extension of the Lagos-Calabar Coastal Highway through Akwa Ibom State. The Federal Ministry of Works has continued to report progress on various sections of the highway. 

Dr. Iliyasu maintained that government must ensure that infrastructure spending is guided by clear economic priorities and delivers measurable benefits to citizens.

He also criticised the foreign exchange reforms, arguing that the sharp adjustment in the value of the naira has placed additional pressure on families and businesses.

The reforms, including the removal of fuel subsidies and the unification of foreign exchange markets, have received support from investors and international financial institutions for improving public finances and correcting long-standing economic distortions. At the same time, they have contributed to significant short-term increases in the cost of living. 

The NDC candidate said the central question should therefore be whether economic reforms are ultimately improving the welfare of Nigerians.

He called for greater accountability in the management of public resources and urged the government to provide Nigerians with clear explanations of how increased revenues are being deployed.

Dr. Iliyasu further argued that the country needs a new political and economic direction in which government policies are centred on citizens rather than statistics alone.

He said the Nigeria Democratic Congress represents what he described as a new approach to politics based on service, accountability, justice, equity and people-centred governance.

The FCT Senate hopeful has previously outlined healthcare, rural infrastructure, youth and women empowerment, justice and equitable representation among the major areas he intends to prioritise if elected to the Senate.

He maintained that the 2027 elections would provide Nigerians with an opportunity to demand accountability from political leaders and choose representatives capable of turning public resources into meaningful development.

Dr. Iliyasu concluded that economic reforms should not merely be judged by government revenue figures or investor confidence, but by their impact on the lives of ordinary Nigerians.

“The government must sit up and do the needful,” he said, stressing that the ultimate measure of governance should be whether citizens can afford food, access quality services, secure employment and live in dignity.