Politics
Farooq Kperogi’s question: “Tinubu Stated That Fuel subsidy was detrimental, So Why Is He Reintroducing It
On September 21, 2023, an enterprise news report from the Daily Trust revealed that, contrary to the numerous assurances by President Bola Ahmed Tinubu that fuel subsidies had been eliminated, the federal government disbursed N169.4 billion as subsidy in August to maintain the pump price at N620 per litre…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
What transpired? It seemed that petrol subsidies, which were previously criticized as detrimental and burdensome to the economy, had resurfaced.
The notion that the government had no role in mitigating the impact of market forces and shielding citizens from the full brunt of international oil price fluctuations was called into question.
The belief that the “invisible hand” should autonomously regulate prices without government interference was challenged, especially in light of petrol marketers raising pump prices arbitrarily shortly after Tinubu’s announcement that subsidies had been removed, even though they were selling old stock of petrol that had previously been subsidized by taxpayers.
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