RESTORING PETROL SUBSIDY
SEUN AWOGBENLE argues that Atiku’s proposal will be difficult to implement On the day President Bola Tinubu was inaugurated in May 2023, I was fortunate to join the Arise News
President Bola Tinubu's decision to abolish fuel subsidies in May 2023 sparked intense debate, with former Vice President Atiku Abubakar claiming his proposal would be difficult to implement. The gasoline subsidy was a major drain on Nigeria's finances, distorting the economy and crowding out investments in other critical sectors.
Critics argue that bringing back this blanket subsidy would plunge Nigeria back into its past financial woes, while supporters say it would provide a much-needed boost to the economy. The removal of fuel subsidies has allowed Nigeria to allocate more resources to essential services and boost foreign exchange reserves. However, transitioning away from subsidies is not without challenges, and finding the right balance between providing relief to the most vulnerable and promoting economic growth remains a significant task.
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