Several attempts have been made by various past administrations of Nigeria’s Federal Government to remove fuel subsidy but that was met with stiff opposition. The reason is not far from the possible impact of such a decision as Nigeria’s economy runs on the wheels of Petroleum Motor Spirit (PMS).
This global commodity is essential in the day-to-day life of every average Nigerian.
On May 29th, 2023, President Bola Ahmed Tinubu; whose election was marked by various irregularities, molestations, killings, falsification of results, and snatching of ballot boxes; in his speech announced that “Fuel Subsidy is gone”.
The impact of such an uninformed announcement was felt immediately across the nation as PMS dispensing stations hiked up the price of this indispensable commodity and the entire nation was thrown into anarchy.
Consequently, the prices of other basic needs items sky-rocketed as PMS affects every aspect of life in Nigeria due to transportation and movement of goods and services depending greatly on PMS.
Inflation took a drastic toll on the lives of Nigerians who were left to their fate to face the unprecedented hardship and poverty that emanated due to the untimely removal of the fuel subsidy without adequate measures put in place to cushion the effect.
It is worthy of note that Fuel Subsidy is the only Government program that positively impacts the lives of every Nigerian as the cost of energy is minimal contributing to stability and affordability in the prices of food items.
In developed nations such as the United States, China, the United Kingdom, and many others, energy is subsidized let alone in a developing nation like Nigeria where per capita income is per per percapita recent report shows that over 120 million Nigerians are living below the poverty line with fewer than one dollar per day. Nigeria has continued to be on the negative index in major global rankings with no measure in sight to ameliorate this terrible situation.
The most disheartening is the frivolous spending of the political class who encouraged Nigerians to endure the economic hardship for a while as they worked to fix the situation.
Astonishingly, the level of corruption, stealing of national resources, padding of the budget, and disgraceful waste of the nation’s wealth has continued in an unprecedented manner, the likes of which have never been witnessed in Nigeria.
This is unfortunate!
The Federal Government of Nigeria led by President Bola Ahmed Tinubu is urgently called upon to intervene and restore fuel subsidy as Nigerians are dying of hunger and poverty.
This 120 million if taken will in no small measure ensure an immediate and great positive,e impact on positive of goods, food items, and other essential commodities and will facilitate day-to-day economic growth in the country.