TAKING office at a time of spiralling economic adversity, President Bola Tinubu certainly has a lot on his plate in the days ahead. From
the debt crisis to the petrol subsidy debacle, the crashing naira to escalating inflation, receding foreign direct investment to food scarcity and unemployment, to a depressed electricity sub-sector, Tinubu has no respite. Since he knew the odds before running for President, he will be judged, not by what he inherited, but by the swift transformation he is able to implement in these difficult economic times.
In his inaugural speech Monday, Tinubu emphatically endorsed the preceding administration’s removal of the subsidy by July this year, bringing it in line with the other petroleum products, whose prices had been deregulated. Gleefully, he declared, “Subsidy is gone.” This is a major policy pronouncement that may define Tinubu’s tenure. Instantly, the declaration provoked a predictable reaction: queues resurfaced in Lagos and Abuja and satellite cities and states on Monday.
Therefore, the President should immediately organise the transparent privatisation of the four moribund public refineries run by the Nigerian National Petroleum Company Limited to achieve domestic self-sufficiency. Retaining them in state hands is foolhardy.
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