The continuous implementation of the subsidy on petrol has been the most thoughtless decision of the Nigerian administrations in the past two decades.
Nigeria is reported to have spent a whopping N21.7tn in the last 18 and a half years, according to a recent computation by Thisday using data from the Nigeria Extractive Industries Transparency Initiative and an independent review of figures from 2005 and the first half of 2023. The report shows that in 2005 when the computation started, Nigeria spent N351bn on petrol subsidy. By 2012 when the subsidy protest held against the Jonathan administration, the subsidy payout had risen to N1.36tn.
With Tinubu taking over from Buhari and announcing the removal of petrol subsidy, it is surprising that Tinubu is taking such an action that he condemned vociferously as a member of the opposition without offering any apology to the public. During that 2012 protest, some Nigerians died; some property was destroyed; many companies lost money. During the succeeding 13 years of petrol subsidy, Nigeria lost a lot of money that could have been put to good use.
The brand of politics practised in Nigeria is negative and retrogressive. It is politics of arrogance, kingship, subterfuge, and non-accountability. Politicians say and do whatever they believe will earn them votes, not concerned about the practicability, truthfulness, or common good in such. Once power is acquired, such politicians can deny making the promise, even if they were recorded in video. They can also claim that it was their aides or party that made such a promise and not them.
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