The fuel subsidy removal, a key policy decision by president Bola Tinubu has been carpeted by former President Olusegun Obasanjo insisting, it has effectively been reversed due to the impact of rising inflation on the cost of living.
Recall that Tinubu was full of bragadacio at inauguration over the policy with the declaration, ‘Fuel subsidy is gone’ which triggered the inflation that has eroded the purchasing power of Nigerians.
Obasanjo has publicly criticized the President Tinubu, accusing hi government of reintroducing the fuel subsidy that was removed in June 2023.
In a recent interview with the Financial Times, Obasanjo stated that,
“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy,” Obasanjo said. “Because of inflation, the subsidy that we have removed is not gone. It has come back.”
The former president’s scathing remarks suggest that the Tinubu administration’s efforts to eliminate the long-standing fuel subsidy program have been undermined by the country’s economic realities.
Obasanjo criticized the government’s approach, stating that they should have put necessary measures in place before attempting to remove the subsidy, which has been a major burden on the national budget for years.
This latest development comes as a significant blow to the Tinubu administration, which had touted the fuel subsidy removal as a necessary step towards economic reforms and the efficient allocation of resources.
Obasanjo’s intervention is likely to amplify the growing concerns among Nigerians about the government’s ability to effectively manage the country’s economic challenges and provide relief to the citizens struggling with the high cost of living.
