Olusegun Obasanjo, the former president, disclosed that the Federal Government’s 2023 removal of the fuel subsidy was brought back because of inflation.
This was brought up by Obasanjo in a recent Financial Times interview. He took issue with the way the administration eliminated the subsidies.
He felt that the government ought to have taken certain actions prior to eliminating the subsidies. But he clarified that the inflation rate is what has caused the subsidies to “come back.”
“A lot of work needs to be completed. not simply declare one morning that the subsidy has been removed. The subsidy that we eliminated is still there due to inflation. It has returned, said Obasanjo.
Fuel subsidies “are gone,” according to President Bola Tinubu, who made this announcement on May 29, 2023, during his inaugural speech. The increase in price of petrol from roughly N200 to over N600 per litre is the result of this trend.
