The truth is: it is not going to be easy economically henceforth for the average Nigerian. The new order will stoke inflation, currently at 22 per cent.
The inflationary spiral is already being felt in the over 200 per cent hike in transport fares. Frenetic discussions between labour and government representatives already gathering pace, will resume on 19 June.
The Tinubu decision, therefore, is a welcome rupture from our horrible past. Interestingly, candidates of all the major political parties in the last presidential election – Atiku Abubakar of the Peoples Democratic Party and Peter Obi of the Labour Party , had fuel subsidy removal as one of their core campaign promises. Obi further characterised subsidy as “an organised crime.” He could not be more correct.
Ensuing from the stemming of this national financial haemorrhage, youths in Cameroon engaged in the motorcycle taxi business were recently seen in a video reportedly protesting the subsidy removal by Nigeria. That’s a huge statement about the sense of entitlement of our neighbours to Nigeria’s “Father Christmas” disposition, as President Tinubu put it.
Failure to rein in the culprits was a tacit approval of treasury plundering and culture of impunity, which helped the sleaze to fester for 12 more years. The 2011 subsidy scam of N2.5 trillion involved a purported 59 million litres of daily consumption, as against the actual figure of 35 million litres. The figure almost doubled to 68 million litres per day in 2022.
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