In order to successfully drive the subsidy removal policy through, more than anything, the Tinubu government needs to gain the people’s trust.
When millions of Nigerians trooped out en masse in January 2012 to protest fuel subsidy removal by the Goodluck Jonathan administration, not a few analysts opined at the time that the missing link in the conversation was trust—and perhaps knowledge.
In 2012, a report in the Brookings Institution—a nonprofit public policy organization based in Washington, DC— said that in 2011 alone, Nigeria’s fuel subsidy cost the country an estimated $8 billion. Principally because of the opacity in the industry, it was a messy affair at the time as there were contradictory figures from different agencies of government. For, in the heat of the January 2012 controversies, the Central Bank of Nigeria put the amount spent on subsidizing fuel in 2011 at N1.
Last year, the Debt Management Office announced that Nigeria priced a $1.25 billion Eurobond issue at 8.375% as the nation sought to raise cash to fund petrol subsidy in the face of limited oil revenue. The immediate past minister of finance, Zainab Ahmed, told Reuters at the time of Nigeria’s plan to tap 2 billion euros of the money it raised in a eurobond sale the previous year and target more local borrowing in 2022 to help fund petrol subsidies.
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