Enugu State Governor Peter Mbah has warned that bringing back the fuel subsidy would hurt the economy far more than it would help, insisting the policy is settled and should not be debated.

Speaking at the "Meet the Candidates" town hall organised by Afia TV in Enugu on Wednesday, Mbah said a return to subsidy would wipe out the gains made since President Bola Tinubu removed it.

"If you reintroduce fuel subsidy today, we will lose ten times whatever we are currently trying to gain in terms of the removal of subsidy. The poverty rate that you are going to experience will be very high because the naira would be automatically devalued," he said.

He said even discussing a return could damage confidence in the economy.

"We do not want to send a signal to prospective investors that we are contemplating it. That would take us back. It is going to create panic in the system. It is going to get investors to pull back," he said.

He added that the country should instead focus on spreading the benefits of the reform to households, jobs and wealth creation.

Mbah said Tinubu's policies had stabilised macro indicators and attracted investment, with funds coming in as direct investment as well as portfolio investment.

He also argued that the old subsidy mostly served the rich, while the proceeds from its removal now go to targeted support for the poor through cash transfers and a programme to provide seed capital to 1,000 people per ward nationwide.

"It was largely beneficial to our wealthy folks," he said of the old system.

Turning to his own record, the governor said his administration had delivered good governance across all sectors, and asked voters to picture Enugu without projects such as Hotel Presidential, the International Conference Centre, Enugu Air, the transport terminals, 268 Smart Green Schools, 260 Type 2 Primary Healthcare Centres, the International Hospital and the CNG buses.

He pledged more in a second term, including an Enugu with no unpaved roads, a monorail, international flights, and 660 megawatts of power at 24-hour supply, sold at ₦120 because the state owns the coal that feeds the plant.

"If these imaginations capture our fancy, then we have a duty to fight for it. We do have a duty to continue to make sure that the bar does not come down and that the standard we have set in Enugu is sustained," he said.

ID