Former President Olusegun Obasanjo has revealed that the fuel subsidy, which was removed by the Federal Government in 2023, has been reintroduced due to inflation.
In a recent interview with the Financial Times, Obasanjo criticized the government’s approach to removing the subsidy. He argued that certain measures should have been implemented beforehand. Obasanjo stated, “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.”
President Bola Tinubu had announced the removal of the fuel subsidy during his inaugural address on May 29, 2023. This decision resulted in the petrol price increasing from about N200 to over N600 per litre.
