By Uzair Adam
During his inauguration at Eagle Square, Abuja, President Bola Ahmed Tinubu declared the end of the fuel subsidy, leading to a sharp increase in petrol prices from N198 to N540 per litre.
The president argued that the subsidy had become a hindrance to national progress, fueling corruption, and stated that funds previously allocated to it would be redirected to other sectors of the economy.
Tinubu explained the rationale behind the removal during a meeting with traditional rulers, as reported by The Daily Reality.
He stated, “We cannot continue to support smugglers and neighboring countries at our own expense.”
He described the subsidy as an economic burden that could bring Nigeria to its knees if not addressed.
However, this stance marks a significant departure from Tinubu’s previous criticism of the subsidy removal by former President Goodluck Jonathan in 2012.
As the national leader of the opposition Action Congress of Nigeria (ACN) at the time, Tinubu had condemned the move, labeling it the “Jonathan tax” and accusing Jonathan of breaching his social contract with the Nigerian people.
In a strongly-worded piece, as gathered by Daily Trust on Sunday, Tinubu argued that the subsidy removal would plunge Nigerians into deeper hardship and criticized the economic policies driving the decision.
He had stated, “The people will become enslaved to greater misery. This crisis will bear Jonathan’s name and will be his legacy.”
Tinubu’s past opposition to the removal of fuel subsidies now stands in stark contrast to his own administration’s decision to abolish it.