Opinion
On The Downward Spiral?
The removal of fuel subsidy by the President of Nigeria, Bola Ahmed Tinubu no sooner he was sworn into office as President of the Federal Republic of Nigeria, on May 29, 2023, was a bad omen for Nigerians.
President Tinubu had pleaded with Nigerians to bear with his administration on the removal of the subsidy and lulled gullible Nigerians into believing that with his decision to remove subsidy from fuel, Nigeria was on the speed lane to economic recovery from the stranglehold of “saboteurs” who he said are ripping off the country through fuel subsidy payment.
In a 25-page-paragraph ‘Democracy Day broadcast’ aired on television and radio stations, Tinubu said, “I admit that the decision to remove fuel subsidy will impose extra burden on the masses of our people. I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.
“Painfully, I have asked you my compatriots to sacrifice a little more for the survival of our country. For your trust and belief, your sacrifice shall not be in vain.
“The Government I lead will repay through massive investment in transportation, infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives…”
Unfortunately, 10 months after President Tinubu’s bogus and mouth-watering promises, nothing has happened to ameliorate the excruciating pains of fuel subsidy removal. Nigeria and Nigerians are worse than when the present administration came in. Resources have been removed from the stranglehold of few unpatriotic enemy elements and given to friendly-looters. What Nigerians have gained so far in return for fuel subsidy removal sacrifice, is compound suffering and hardship. The economy today is worse than when President Tinubu took over. The inflation rate, according to the National Bureau of Statistics, is above 29 percent. The exchange rate of dollar to Naira currency of Nigeria is one Dollar to about N1,600. Nigeria is going through hyperinflation: a bag of rice that was N48,000 when the present administration came in, is today about N80,000; a basin of garri is between N10,000 and N12,000 against N4,800, pump price of premium motor spirit is over N700 in some dispensing stations as against N180 when Tinubu came to power. A bag of cement is between N10,000 and N12,000, pushing up the cost of rent to an unbearable point, transportation has increased astronomically, negatively affecting economic activities. School fees have been increased like a phoenix, even in government-owned schools, unemployment is astronomically high and poverty and corruption are the second nature of the country. Yet, workers salaries are the same. Pensioners are like guinea pigs. Nigerians are dying, they need a respite.
Recently, there were protests in some States of Northern Nigeria to express displeasure over worsening economic situation in Nigeria.
The two central labour bodies in Nigeria- the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) last week gave the Federal Government under President Tinubu a 14 – day ultimatum to implement the agreement reached in October last year or face a total shut down of the wheel of industry and economy.
In fact, the world’s monetary organisation, the International Monetary Fund (IMF) has revealed that the stalled per capita growth, poverty and high food insecurity in Nigeria have worsened the ongoing cost-of-living crisis in Nigeria. This is as a result of rising inflation, exchange crisis, weak economic growth and business closures that have bedeviled the country’s economy. According to the International Monetary Fund, headline inflation reached 27 percent year-on-year in October, flood inflation 32 percent, reflecting the effect of fuel subsidy removal, exchange rate depreciation and poor agricultural production in Nigeria.
Igbiki Benibo
Opinion
Man and Lessons from the Lion
Opinion
Marked-Up Textbooks:A Growing Emergency
Opinion
Humanity and Sun Worship

-
Maritime3 days ago
Minister Tasks Academy On Thorough-Bred Professionals
-
Maritime3 days ago
Customs Cautions On Delayed Clearance, Says Consignees May Lose Cargo
-
Maritime3 days ago
NCS Sensitises Stakeholders On Automated Overtime Cargo Clearance System
-
Maritime3 days ago
Lagos Ready For International Boat Race–LASWA
-
Maritime3 days ago
Shoprite Nigeria Gets New Funding to Boost Growth, Retail Turnaround
-
Politics3 days ago
I Would Have Gotten Third Term If I Wanted – Obasanjo
-
Sports3 days ago
Bournemouth, Newcastle Share Points
-
Sports3 days ago
Zidane’s Son Switches Allegiance To Algeria