Fuel Subsidy And The God Of Jonathan - Reuben Abati
One of the first things that had been cited as evidence of President Bola Ahmed Tinubu showing courage and wisdom and hitting the ground running as the 16th President of Nigeria, has been his announcement that “fuel subsidy is gone”. In his inaugural speech on May 29, 2023, he did not state how but within 24 hours, his rather speculative declaration was given effect. Oil marketers and managers at fuel stations adjusted their operations, shifting prices per litre of petrol upwards. By the following day, the NNPC Limited, the country’s sole supplier of finished product had announced a new template for petrol pricing, from N195 per litre to between N480 and N570 per litre - a more than 200% adjustment in the pump price of petrol. The given excuse is that this is in fulfilment of the All-Progressives Congress (APC) promise during the campaign season in the lead up to the 2023 General elections. The APC was not alone. Indeed, fuel subsidy removal was one of the major issues in the 202...