At 70, Otunba Kole Omololu, National Organising Secretary of Afenifere and Convener of the Conscience of Yoruba Nation Group, remains an outspoken advocate of restructuring, true federalism, and economic reform. With Afenifere, he has been associated with democracy, federalism, restructuring, and good governance since 1951. Omololu explains Afenifere's support for President Bola Tinubu's second-term bid and defends the removal of the fuel subsidy. He believes that Tinubu's reforms can put Nigeria on a path to economic growth.
Afenifere has consistently advocated for democratic governance, social justice, and an economy that rewards production rather than dependence. The organisation believes that Nigeria will function better when political authority, economic responsibility, and accountability are distributed appropriately among the federating units. Omololu commends President Tinubu for confronting some of the structural weaknesses that successive administrations recognised but failed to resolve. He cites the issue of fuel subsidy as an example of a bold political decision made by Tinubu.
The fuel subsidy regime was introduced when declining oil revenue became a major concern after the oil boom. However, successive administrations continued with it despite the growing economic burden. By the time of the Goodluck Jonathan administration, Nigeria was borrowing to finance the subsidy. In 2012, then Central Bank Governor Sanusi Lamido Sanusi and then Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, warned about the country's financial difficulties. Omololu believes that Tinubu's decision to remove the fuel subsidy was necessary.
Omololu also notes that the foreign exchange regime required reform, while public finances needed serious attention. The petroleum subsidy had become increasingly difficult to justify economically. He believes that the administration has opened an important chapter in Nigeria's economic reform. However, the government must respond to the social consequences of its policies, protect vulnerable Nigerians, and ensure that reform produces measurable improvements in living standards.
Afenifere supports President Tinubu for a second term based on a comparative assessment. Omololu believes that Tinubu possesses extensive political experience and a demonstrated understanding of how political decisions affect economic policy. He has shown a willingness to confront difficult issues rather than perpetually defer them. Omololu does not see another candidate offering a comparable combination of political experience, economic understanding, and ambition for transforming the country.
Some presidential contestants have cited Singapore as an example of what Nigeria could achieve. Omololu notes that Nigeria should study Singapore but must distinguish between learning from a successful country and attempting to reproduce its system wholesale. Singapore's transformation was built on disciplined public administration, investment in education and infrastructure, industrial policy, strong institutions, and long-term planning. However, its political and constitutional circumstances are fundamentally different from Nigeria's.
The removal of the fuel subsidy has generated considerable hardship. Omololu believes that the decision was necessary, as Nigerian governments acknowledged that the subsidy system was becoming economically unsustainable. He notes that the government must respond to the social consequences of its policies and protect vulnerable Nigerians. Afenifere's position is one of constructive support, acknowledging what is being done well, identifying areas that require improvement, and continuing to advocate for the structural changes necessary for a more effective federation.
Key points
- Afenifere supports President Tinubu's second term due to his experience and willingness to confront difficult issues.
- The removal of the fuel subsidy was a necessary decision, despite generating hardship.
- Nigeria can learn from Singapore's transformation but must consider its own constitutional and political circumstances.
