A Senior Advocate of Nigeria, Babatunde Ogala, has described the removal of fuel subsidy and the unification of the foreign exchange market as bold policy decisions by President Bola Tinubu’s government that have improved transparency, strengthened public finances and restored investor confidence.
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Ogala, who is also the Pro-Chancellor of Lagos State University, spoke on Wednesday while delivering the keynote address titled “Innovative Strategies for Improved Governance in Nigeria Since 2023” at the investiture of Dr Remilekun Bakare as the new Chairman of the Chartered Institute of Directors Nigeria, Southwest Zone.
The event, held in Abeokuta, Ogun State, was attended by the Ogun State Deputy Governor, Noimot Salako-Oyedele; the President and Chairman of the Governing Council of CIoD, Adetunji Oyebanji; and the Managing Director, Punch Nigeria Limited, Dr Joseph Adeyeye, represented by the Company’s Secretary, Omolara Ogunleye.
At the event, a director with The PUNCH, Omoshalewa Aboderin-Olubusi, received an award of excellence for her invaluable roles as the immediate past honorary Secretary of the institute in the South-West.
Also in attendance were Secretary to the Ogun State Government, Mr Tokunbo Talabi; the Director General and Chief Executive Officer of CIoD, Dr Taiwo Nolas-Alausa; former Secretary to the State Government, Taiwo Adeoluwa; the Head of Service, Mr Iskeel Saka; former Rector of Gateway ICT Polytechnic, Saapade, Prof Gabriel Onalaja; and an ex-Chief of Staff to former Governor Gbenga Daniel, Dr Yomi Majekodunmi.
Speaking, Ogala said the Tinubu government has been confronting its biggest challenges and bringing about the desired transformation, adding that there was evidence that justified Tinubu’s announcement of the removal of the fuel subsidy.
Ogala said, “When the subsidy was removed, everyone acknowledged that it was a courageous decision. The question, however, was: How would it work?
“Today, I believe we can objectively assess that bold and innovative decision to remove the cancerous burden of fuel subsidy fraud.”
According to him, the abolition of the subsidy regime has eliminated the perennial fuel queues that once characterised the country and curtailed widespread abuses associated with petroleum subsidy payments.
“For one, I no longer remember the endless fuel queues that once characterised our daily lives. The era when artificial scarcity became the norm has largely disappeared,” he said.
He added that those who had amassed wealth through subsidy manipulation had lost the opportunity to exploit the system.
“Many of the so-called ‘big men’ who built fortunes around subsidy manipulation have now returned to reality as ordinary businessmen. The unnecessary movements, waste and opportunities for abuse have been drastically reduced.”
Ogala further argued that the policy had significantly boosted government revenues, resulting in higher monthly allocations to states and local governments.
“One of the most immediate outcomes has been the increase in monthly allocations to states. Every governor here can testify to that.
“There was a time when many states could not pay workers’ salaries for months. The Federal Government frequently had to intervene with loans or special grants simply to enable states to meet their wage obligations,” he said.
He noted that resources previously used to finance fuel subsidies were now being redirected to productive sectors of the economy.
“The elimination of that fraudulent regime has shifted our national focus from consumption subsidies to productive resource mobilisation,” he said.
The senior lawyer also said the removal of the subsidy had created incentives for private investment in Nigeria’s downstream petroleum sector.
“Today, we have the Dangote Refinery. Other refineries are coming on stream, and several modular refineries are operating or under development.
“The removal of the subsidy created an environment that encourages private investors to participate in refining rather than depending solely on the government,” he stated.
On the foreign exchange reforms, Ogala said the previous multiple exchange-rate system encouraged rent-seeking and arbitrage rather than productive investment.
“There was a time when Nigeria operated multiple exchange rates. If I happened to know a friend of a governor or someone in a position of influence, I could obtain an official allocation of two million dollars.
“Without producing anything or creating any value, I could make a phone call, locate a buyer, sell the allocation and return home with tens of millions of naira in profit within a single day.
“Meanwhile, manufacturers and genuine businesses that actually needed foreign exchange to produce goods could not obtain it,” he said.
He described exchange-rate unification as another major innovation of the Tinubu administration, saying it had improved transparency and enhanced business planning.
“Today, although the naira has found a more realistic market value, the exchange-rate regime has become more transparent and relatively stable.
“Businesses can plan more effectively. Resources are allocated more efficiently. The opportunities for wasteful arbitrage have been significantly reduced,” he said.
He also mentioned reforms in the judiciary, electoral, power sector, marine economy, and education sector, such as the introduction of student loans, state police, and food security, which are providing a strong foundation for the greatness of the country.
He said, “Yes, there are challenges; cost of living has increased, Inflation has been felt, adjustments have been difficult, but here is the critical distinction:
“There is a difference between a system in crisis and a system in transition. Nigeria today is not avoiding its challenges; it is working through them. And that is a far stronger position.
“The work ahead is clear: Strengthen communication of reforms, expand targeted social interventions, deepen institutional capacity, maintain policy consistency because reform is not an event, it is a process.”
Earlier, the President and Chairman of the Governing Council of the CIoD Nigeria, Adetunji Oyebanji, charged the newly inaugurated South-West leadership to position the zone as a leading voice on corporate governance and ethical leadership.
“We expect this executive committee to be visionary, proactive, innovative and committed to advancing the mandate of the Institute,” Oyebanji said.
He also urged members to uphold the institute’s code of ethics, stressing that integrity, transparency, accountability and professionalism remained the foundation of sustainable corporate success.
Also speaking, the Ogun State Deputy Governor, Salako-Oyedele, congratulated Bakare on his emergence as chairman of the South-West Zone, describing his appointment as well-deserved.
Salako-Oyedele said the institute chose Bakare for being a leader who understands not only the principles of good corporate governance but also the practical demands of leadership, enterprise and institutional growth.
She acknowledged that the role of the Chartered Institute of Directors in promoting ethical leadership and sound corporate governance had become increasingly important.
The deputy governor urged the new leadership to deepen engagement with businesses across the South-West and expand mentorship, networking and professional development opportunities for directors, entrepreneurs and public sector leaders.
The immediate past chairman of the institute, Bode Mustapha, said the institute now has 154 active members after his tenure recruited 27 new members and reactivated the membership of 11 inactive members.
Mustapha urged the newly inaugurated executives to build on the modest achievements of the outgoing executives and prioritise integrity and accountability to take the institute to higher heights of excellence and visibility.
Bakare, in his acceptance speech, pledged to lead the institute with integrity, professionalism, inclusiveness and accountability.
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