President Bola Tinubu has announced the removal of petrol subsidy, setting the stage for increased petrol price in the country.

Mr Tinubu was inaugurated on Monday as Nigeria’s seventh democratically elected president, taking over from President Muhammadu Buhari whose eight-year administration left what many analysts consider to be a devastated economy, marked by high debt, inflation and unemployment.

Mr Buhari left without addressing the subsidy problem which costs the country trillions of naira annually. His government had pledged to fix the nation’s refineries to allow it remove fuel subsidy, but it faced a N3.3 trillion subsidy cost between January and June alone, a third of its total projected revenue for this year.

The removal of subsidy is bound to push the cost of petrol and transportation and living in general higher.

Fuel traders have warned that the price of petrol may rise to N750 a litre from the current official rate of less than N200, if subsidy is removed. More: https://pluboard.com/2023/05/29/economy/nigerians-to-pay-more-for-petrol-as-tinubu-says-subsidy-gone/

It’s a welcomed development if proceeds will be channeled to befitting courses.


The sacrifices we must make now and cannot keep postponing.