Despite the ongoing demonstrations regarding the escalating cost of living, the Nigerian government has unequivocally declared its position against reinstating the fuel subsidy.
The Minister of Finance, Wale Edun, reiterated this stance in a recent interview on AIT. Edun emphasized that the 2024 national budget does not include provisions for fuel subsidy.
He further justified the government’s decision by pointing to the country’s economic progress as a key factor in maintaining the current policies regarding fuel subsidies.
He said, “There is no fuel subsidy in the budget. We have signs that we are moving in the right direction, and we must maintain this trend.”
President Bola Ahmed Tinubu recently defended the removal of fuel subsidy in a national address, considering it a necessary albeit painful action.
However, former President Olusegun Obasanjo contradicted Tinubu’s stance in a recent Financial Times interview, claiming that fuel subsidies have essentially reappeared due to inflation.
The removal of the subsidy in June 2023 led to a significant price increase, from N238 to over N600 per litre, prompting protesters to call for its reinstatement to tackle the surging cost of living.
