The economic, social consequences of Tinubu’s subsidy removal (II)
When President Tinubu announced the removal of subsidy in his inaugural speech on May 29 2023, it was a decision taken without the benefit of a cabinet to discuss and provide necessary inputs. The National Assembly, which is constitutionally mandated to make laws on issues of critical national importance such as the subsidy removal through […]
In President Tinubu's inaugural speech on May 29, 2023, the removal of subsidies was announced, a decision taken without consultation from the cabinet or the National Assembly. Three years later, the consequences of this decision have become apparent. Over 140 million Nigerians were removed from the safety net of the economic system, and the cost of living has increased due to heavy burdens placed on the people.
The government argues that the revenue saved from removing subsidies has been allocated to state governors to pay workers and civil servants, but critics question the effectiveness of this distribution. The promised spending on infrastructure, health, and education has not materialized, leaving many Nigerians to question the sincerity and transparency of the subsidy removal policy.
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