On May 29th, 2023 when Bola Ahmed Tinubu was inaugurated as the president of Nigeria, he
announced, during his inauguration speech, the removal of fuel subsidy which took effect
immediately. Following this, the price of petrol increased greatly which also led to an increase in
the cost of living of every Nigerian in terms of transportation costs, and a hike in the prices of
goods and services because all sectors of the economy in Nigeria are rooted in petroleum
energy.
To President Tinubu and his political colleagues, it is a reckless act that the past administration
could not handle and now, Nigerians are suffering the consequences because of the benefits
they are going to reap almost immediately. As unpleasant and hopeless the situation is, the
president has gathered the confidence of many Nigerians that are suffering the outcome of his
actions especially because of the propaganda that only a few people benefitted from the fuel
subsidy.
As a matter of fact, this seems like a great achievement of President Bola Ahmed Tinubu
because the removal of fuel subsidy will help to curb issues of corruption and mismanagement
such as smuggling and diversion of subsidized fuel. It will also promote transparency and
accountability in the energy sector, leading to improved governance and better utilization of
resources. All these are what Nigerians have been hoping for before now to have a strong
economy that is transparent and accountable.
Unlike former President Muhammadu Buhari who, during his administration, promised he would
take some proactive steps to discourage corruption while strengthening the effectiveness of
anti-corruption agencies, President Tinubu so far, has taken tangible steps forward to rekindle
the country’s economy which is being considered as an important achievement. Even though
the beginning of this might seem hopeless, there is a renewed hope that Nigeria will work again
going forward.
It is an established fact that former President Buhari left his administration with some ugly
legacies that President Tinubu could have taken advantage of and drew the trust of Nigeria to
himself but he refused. President Bola Tinubu has shown that he knows the pain Nigerians are
going through and has decided to implement all these policies not to inflict more pain on the
people of the country but for the good of everyone.
Under Buhari’s regime, many heads of ministries, departments and agencies looted Nigerians
funds, a few influential private and public individuals also fed fat on Subsidy and NNPC, he also
introduced the multiple foreign exchange system which has an effect on the economy but
Tinubu instead opted to unify the official and parallel market rates to save the country from
financial loss.
The actions taken so far by the president have made things difficult but it is for the best. It was
glaring that the subsidy regime so much drained Nigeria’s economy, When the government was
able to offset the cost of fuel subsidy, it depended largely on borrowing as it lacked the
appropriate revenue to foot the bills, hence aggravating the financial situation of the country.
In all the difficulties, Nigerians should be hopeful and give the new administration the
cooperation that will help it to deliver and not think that President Tinubu did not know the
weight of the impact of this decision on the life and living conditions of Nigerians and the
possible implications for social and political stability in the country. There are some sacrifices
that need to be made to achieve growth in Nigeria’s economy. Nigerians need to endure the
pains of the moment and give the new administration a chance.
– Ola Gladys Oluwakemi
Department of Mass Communication
Prince Abubakar Audu University (PAAU), Anyigba, Kogi State.
