₦airaland Forum

Former President, Olusegun Obasanjo, has disclosed that the fuel subsidy, which was abolished by the President Bola Tinubu-led Nigerian government in 2023, has been reinstated due to soaring inflation.

The revelation contradicts Tinubu's declaration during his inaugural address on May 29, 2023, that fuel subsidy had been permanently removed.

The subsidy's removal led to a significant increase in petrol prices, from around N200 to over N600 per litre.

In an interview with the Financial Times, Obasanjo criticised the government's approach to removing the subsidy, arguing that measures should have been put in place before its removal.

However, he noted that the subsidy had effectively been reintroduced due to the current high inflation rate.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” Obasanjo said.

He also highlighted the need for investor confidence in Nigeria, stating, “You have to go from a transactional economy to a transformational economy.”

One of the key demands of the ongoing nationwide protests is the reinstatement of the fuel subsidy regime.

However, in his recent Sunday broadcast, President Tinubu categorically ruled out the possibility of reviving the fuel subsidy. He described the decision to remove the subsidy as "painful but necessary", emphasizing that it had been a major obstacle to economic growth and development, likening it to a "noose around the economic jugular of our nation.”

Chinkoalhaji34:
Why are we always quick to point fingers?

Obasanjo should remember that the issues with fuel subsidy didn't start today. Tinubu is trying to navigate through a maze of challenges left behind by previous administrations.

Instead of casting blame, let’s support the efforts to find a sustainable solution. We need to look at the bigger picture and give room for progress, no matter how slow it may seem.

What’s important is that we keep pushing for better policies and hold the government accountable, not just criticize from the sidelines.

trutharena:
Obasanjo is just trying to stir the pot. Nigerians are moving forward with President TINUBU’s vision for a better economy!

Chinkoalhaji34:
Why are we always quick to point fingers?

Obasanjo should remember that the issues with fuel subsidy didn't start today. Tinubu is trying to navigate through a maze of challenges left behind by previous administrations.

Instead of casting blame, let’s support the efforts to find a sustainable solution. We need to look at the bigger picture and give room for progress, no matter how slow it may seem.

What’s important is that we keep pushing for better policies and hold the government accountable, not just criticize from the sidelines.

sIfioksq:
Obasanjo should focus on his own legacy instead of critiquing Tinubu. The man is trying to make tough decisions for the country. Let's give him the chance to steer the ship without all these distractions.