Former President Olusegun Obasanjo has revealed that the fuel subsidy, which the federal government removed in 2023, has been reintroduced due to inflation. President Bola Ahmed Tinubu during his inaugural address on May 29, 2023, had declared that fuel subsidy “was gone.”.....Read The Full Article>>.....Read The Full Article>>
This development has led to a hike in the pump price of petrol from about N200 to over N600 per litre.
In an interview with the Financial Times, Obasanjo faulted the manner in which the subsidy was removed by the government, Daily Trust reported.
According to the former president, the government should have implemented some measures before the removal of the subsidy.
Obasanjo, however, explained that the subsidy has “come back” due to the inflation rate.
“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” Obasanjo said.
SaharaReporters confirmed that he also highlighted the need for investor confidence in Nigeria, stating, “You have to go from a transactional economy to a transformational economy.”
Obasanjo speaks as Tinubu restates subsidy removal
Meanwhile, Obasanjo’s statement came on the heels of the nationwide protests.
Legit reported that one of the demands of the ongoing hardship protest is the reinstatement of the fuel subsidy regime.
But Tinubu, in his Sunday broadcast, ruled out the possibility of returning the fuel subsidy.
He described the decision to remove the fuel subsidy as painful but necessary while arguing that it had been a “noose around the economic jugular of our nation” and had hindered economic development and progress.
Obasanjo identifies possible cause of hardship protests
Earlier, Legit reported that as protests entered day six, Obasanjo shared his thoughts on the issue that angered Nigerian youths and resulted in their recent decision to embark on a 10-day demonstration.
The elder statesman warned President Bola Tinubu’s government during a recent interview.
“Our youth are restive. And they are restive because they have no skills, no empowerment, no employment,” Obasanjo said.
