Abdulqadir Onijeje Uthman

It is no longer news that the subsidy on the fuel pump price has been removed by the newly inaugurated president. Recall that in his inauguration speech, he declared that 'The fuel subsidy is gone.'

To layman, fuel subsidy is the government effort in paying for the difference between the pump price of fuel at the petrol station and the actual cost of the product. Removal of fuel subsidy implies that the government will no longer pay for the difference between the pump price and the actual cost of the fuel.

Can we say that that government is wrong for it's removal, hell no. According to oil and gas industry reports conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI), the cost of petrol subsidy from 2015 to 2020 was N1.99 trillion. Also reports by the Nigerian National Petroleum Corporation (NNPC) to the Federation Accounts Allocation Committee (FAAC), showed that petrol subsidy cost N1.57 trillion in 2021 alone and another N1.27 trillion from January to May 2022. The government has a budget of N3 trillion to cover petrol subsidy costs from June 2022 to June 2023.

In my opinion, the only reason our refineries are not working is because some people are benefiting from the venture. Moreover, there is no better time for its removal than one. The government needs to take this drastic approach to revive our dying economy.

Accusing or blaming our president for it's removal by any category of people is what I see as being bias after all the three major presidential candidates of the 2023 presidential election stated it in their campaign manifesto to remove the subsidy and introduce oil sector reform, though they may have different approach to it.

Looking at it from another angle, it removal shall have a great consequence on the life of average Nigerians who even before now lives in poverty. It will surely affects the cost of food items, household materials, transportation, etc.

I urge Mr. President to ensure that money realised from this policy is well utilised for the benefit of every Nigerian. Also to implement some measures that can help reduce the effects of the subsidy removal especially on average Nigerians.

We, as citizens of Nigeria, have to understand with the government at this critical time as it's strive to revive our economy. Hopefully with this, we can truly be the giant of Africa that we are called.

You yourself wrote that there was budgetary allocation for subsidy till June 2023. What happened to the budgetary allocation for June 2023 since the govt removed the subsidy at the end of May?