Abuja, Nigeria's capital, is abuzz with reports indicating that President Bola Ahmed Tinubu is actively considering implementing a "temporary subsidy" on petrol in response to the escalating foreign exchange rates and soaring crude oil prices. The Cable, in its report on August 15, shared insights from sources within the presidency that unveiled this potential move.

While no definitive decision has been reached, the proposal is said to be a prominent topic of discussion. This consideration by the president comes at a time when Nigerians are grappling with the harsh economic challenges brought about by the elimination of the petrol subsidy in May 2023.

A source from the presidency shed light on the situation, sharing that the current actual consumption of petrol in the nation has become evident following the subsidy removal on President Tinubu's inauguration day. As a result, there is now a capacity to regulate the amount expended on subsidy.

The removal of the petrol subsidy has led to an enduring upward trajectory in the prices of commodities, goods, and services across Nigeria—a nation striving to overcome economic struggles. Earlier in August, the Nigeria Labour Congress (NLC) orchestrated a nationwide protest as a response to these adverse effects.

During the protest, NLC members occupied the main complex of the national assembly to voice their discontent with the difficulties imposed on Nigerians due to the elimination of the petroleum subsidy. The protest was eventually suspended after labor leaders engaged in discussions with President Tinubu at the Aso Villa.

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Renewed subsidy


Since Dangote Refinery nor gree refine......FG should privatise NNPC refineries and invite Shell, BP, Agip etc to invest in the downstream sector