On May 29, 2023, President Bola Tinubu, in his inauguration speech, announced the removal of subsidy — a development which led to a hike in the pump price of the product and other items.
Speaking in a recent interview, Fayemi said the announcement did not give enough room for the federal government to prepare for the effects of the policy.
Fayemi said the Tinubu administration inherited a “challenging” economic situation and that the policies initiated were appropriate.
“The government that is in office now inherited a challenging situation,” the former governor said.
“We are not unaware of where we have come from because it is the same party that transitioned into the current government.
“I think there were some missteps, not policy changes that were wrong.
“I actually think the policy changes were appropriate but the announcement at the inauguration day was a little bit precipitous and did not allow for enough room to prepare the ameliorating circumstances that would address the challenges that were bound to come in terms of inflation.”
The former minister said the federal government has recognised the challenges and is working towards improving the situation.
He added that the ruling All Progressives Congress (APC) cannot absolve itself from the “deleterious” economic situation Nigerians are grappling with.
“The Nigerian people, in a democracy, have the last word. If they are not happy with our political party, they have to take the decision on that front,” he said.
“I believe things will improve. If things don’t improve, Nigerians deserve what they want to do with us.”