There is no gain repeating the fact that the removal of fuel subsidy by President Bola Ahmed Tinubu has had serious backlash on Nigeria’s economy.
The announcement of end to subsidy regime in Nigeria by President Tinubu during his inauguration as president on May 9, 2023, has sparked unprecedented energy crisis, which apparently has shaken the nation’s economy to its foundations.
Suffering and hardship on the part of citizens have escalated as a result.
Just last week, the presidential candidate of the Labour Party in the 2023 general elections,
Peter Obi called on the president to bring down the price of fuel. Obi described the hike in the pump price of petrol
“as insensitive to the economic realities faced by Nigerians.”
He noted that the population was already “burdened by the economic challenges occasioned by the policies of the Federal government, and the NNPCL has just added to the pain to Nigerians.”
Meanwhile reports have it that the energy crisis occassioned by Tinubu’s subsidy removal and NNPCL’s continuous function increase in fuel price, have culminated in the collapse of companies, even as many are said to be distressed.
Aside loss of the much-needed jobs and astronomical rise in transportation and prices of goods and services, the citizens are hard-hit by the emergent economic hardship.
Nigeria Newspoint therefore joins well-meaning Nigerians in calling on President Tinubu to heed the cry of the masses by urgently ensuring that the current high price of fuel is seriously reduced because the peoples patience won’t be forever.