The removal of fuel subsidy by President Bola Tinubu administration seems to have harmed the economy more than it has helped it. Whatever Tinubu and his aides claim as the gains of the subsidy removal, can hardly be taken serious by the masses of this country because of
obvious economic hardship and prevailing hunger across the nation.
No doubt, Tinubu’s subsidy removal has had serious backlash on Nigeria’s economy, by extension, the wellbeing of the citizens.
Tinubu’s announcement of an end to the subsidy regime in Nigeria during his inauguration as president on May 9, 20’23, sparked unprecedented energy crisis, which has shaken the nation’s economy to its foundations.
Recently, 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 continuous hike in the pump price of petrol
“as insensitive to the economic realities faced by Nigerians.”
The former Anambra State governor noted that the populace 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.”
Reports have it that the energy crisis occassioned by Tinubu’s subsidy removal and NNPCL’s continuous increase in fuel price, have culminated in the collapse of companies, even as many others are said to be distressed.
The result is loss of the much-needed jobs as well as astronomical rise in transportation cost and prices of goods sold services. In the last one and half years, the citizens have been hard-hit by the emergent economic hardship.
Nigeria Newspoint joins other Nigerians who are calling on President Tinubu to heed the cry of the masses by urgently ensuring that the current high price of fuel is reduced because of the important place of energy in any economy.