• The decision of President Bola Ahmed Tinubu to remove the fuel subsidy has had a ripple effect on the economy of Nigeria
• Cost of goods and services have been impacted forcing some Nigerians to clamour for the president to “bring back fuel subsidy”
• President Tinubu seems to have heard the murmurs and is reportedly considering reintroducing subsidy on petrol, albeit tentatively
LEGIT NG
Nigeria’s President, Bola Ahmed Tinubu is reportedly contemplating a “temporary subsidy” on petrol as foreign exchange rates and crude oil prices continue to surge. The Cable, in a report on Tuesday, August 15, said it scooped the development from presidency sources.
Tinubu considering ‘temporary subsidy’ on petrol The online newspaper stated that although there is no final decision yet, the proposal is “firmly on the table”. The president’s contemplation comes as Nigerians continue to groan under harsh economic realities following the removal of petrol subsidy in May 2023.
According to a presidency official, the “realistic” amount of petrol consumed in the country is currently known following the removal of subsidy on Tinubu’s first day in office. Consequently, the sum expended on subsidy “can presently be controlled”.
The removal of the petrol subsidy had led to a sustained upward trend in the prices of goods, commodities, and services in the struggling African nation. Earlier in August, the Nigeria Labour Congress (NLC) staged a nationwide protest. On the protest day, NLC members occupied the national assembly’s main complex — to express displeasure with the hardship inflicted on Nigerians as a result of the removal of petroleum subsidy. However, the action was called off after the labour leaders met with President Tinubu at the Aso Villa…
