Former President Olusegun Obasanjo has revealed that the fuel subsidy, which the federal government removed in 2023, has been reintroduced due to inflation.
TimesNow.com.ng reported that President Bola Ahmed Tinubu during his inaugural address on May 29, 2023, had declared that fuel subsidy âis gone.â
This development has led to a hike in the pump price of petrol from about N200 to over N600 per litre.
In an interview with the Financial Times, Obasanjo faulted the manner in which the subsidy was removed by the government, Daily Trust reported.
According to the former president, the government should have implemented some measures before the subsidy removal.
Obasanjo, however, explained that the subsidy has âcome backâ due to the inflation rate.
He also highlighted the need for investor confidence in Nigeria, stating, âYou have to go from a transactional economy to a transformational economy.â
Meanwhile, Obasanjo statement came on the heels of the nationwide protests.
TimesNow.com.ng reported that some of the demands of the ongoing hardship protest is reinstatement of the fuel subsidy regime.
But Tinubu, in his Sunday broadcast, ruled out possibility of returning fuel subsidy.
He described the decision to remove the fuel subsidy as painful but necessary, while arguing that it had been a ânoose around the economic jugular of our Nationâ and had hindered economic development and progress.
Earlier, TimesNow.com.ng reported that as protests entered day six, Obasanjo shared his thoughts on the issue that angered Nigerian youths and resulted in their recent decision to embark on a 10-day demonstration.
The elder statesman warned President Bola Tinubu’s government during a recent interview.
Source: TimesNow.com.ng
