Obasanjo says fuel subsidy reinstated, criticizes Tinubu’s removal strategy

Former Nigerian President Chief Olusegun Obasanjo has asserted that the fuel subsidy, which was removed in June 2023 by President Bola Tinubu’s administration, has effectively been reinstated due to rising inflation.

In a recent Financial Times documentary, Obasanjo criticized the manner in which President Tinubu abolished the fuel subsidy without implementing adequate preparatory measures.

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“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” he said.

Obasanjo emphasized the need for increased investor confidence in Nigeria and advocated for a shift from a transactional to a transformational economy.

His comments come amid ongoing hunger protests that have gripped the nation. The protests, which began last Thursday, entered their sixth day on Tuesday, with demonstrators demanding the reinstatement of the fuel subsidy regime.