Mr Tinubu announced the removal of the subsidy on petrol during his inaugural speech on 29 May, leading to the increase in petrol prices by almost 200 per cent.
“Removing subsidies for the Naira and PMS was cued and put on hold. Look for example in the Petroleum Industry Act. The important decision was kept for a better time,” he said.
The massive electricity subsidy. The fraudulent fertiliser subsidy. Hajj/Christian Pilgrim subsidies. Remember them? So far I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit, PMS and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?
In terms of the timing of the decisions to remove fuel subsidies and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well. Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.
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