Barely few hours after President Tinubu of Nigeria assumed office, he announced the removal of Fuel Subsidy across the country which was implemented with immediate effect.
There is nothing wrong with the removal of Fuel Subsidy but the problem is the method and timing of the implementation. Not only is the method of its implementation abrupt, but the timing is inadequate, unsatisfactory and faulty. This decision will do more harm than good by inflicting more hardship to the average Nigerian. The pump price of fuel is highly affiliated with virtually all the sectors in the country’s economy. With this abrupt removal, a lot of things are already negatively affected.
At least, there should be functional refineries in the country to help cushion the effect of the subsidy removal. The implementation should not have been this abrupt, rather a gradual process.
However, the pertinent question is- how will the money recovered from the subsidy removal be spent? Will it be to the benefit of the common citizen or will it be embezzled by few individuals? Or will it be another exploitation of the large population of the poor citizens and the fortification of few affluent individuals. This is pathetic!
Nigeria is a country blessed with a lot of natural resources, yet Nigeria is one of the poverty capitals of the world. This is ironic indeed!
Nigeria needs leaders that have the interest of the country at heart. Mr. President is therefore urged to reverse the implementation of the Fuel Subsidy removal until the dead refineries are resuscitated. Even when the subsidy is removed, the money recovered should be used judiciously to the benefit of the average Nigerian and properly accounted for.