By Joke Kujenya
CHIEF OLUSEGUN Obasanjo, former President of Nigeria, has voiced concerns over the return of the fuel subsidy removed by President Bola Tinubu’s administration in June 2023.
Obasanjo spoke out during an interview with the Financial Times.
He pointed out flaws in the way Tinubu’s administration handled the subsidy removal.
According to Obasanjo, the government should have established measures before taking away the subsidy.
He stressed that the sudden removal led to unintended consequences.
Obasanjo criticized the abrupt removal of the subsidy, arguing that the government should have implemented supportive measures beforehand.
He noted that inflation has effectively reinstated the subsidy.
“You can’t just remove the subsidy overnight without preparation,” Obasanjo said.
“Inflation has brought the subsidy back,” he added.
Obasanjo emphasized the importance of investor confidence in Nigeria.
He called for a shift from a transactional to a transformational economy.
His remarks coincide with ongoing protests in Nigeria, where citizens are demanding the return of the fuel subsidy.
The protests, which began on Thursday, have persisted for several days.
In a recent address, President Tinubu urged protesters to halt their demonstrations.
He admitted that removing the fuel subsidy was a tough decision but necessary to free the nation’s economy from stagnation.
According to the National Bureau of Statistics, core inflation surged to 34.19 percent in June 2024, while overall inflation reached 40.87 percent.
