When President Bola Tinubu announced the removal of fuel subsidies on his inaugural day, it was a bold and decisive move.
Nigerians were promised a new chapter—one of economic stability, transparency, and a deregulated fuel market where competition would lower prices.
Yet, months after this historic decision, the benefits of this subsidy removal remain elusive. Instead of clarity, Nigerians find themselves stuck in uncertainty, with the government still controlling prices and the common man bearing the brunt of rising costs.
The removal of the subsidy was intended to free up funds for development and infrastructure, while allowing market forces to dictate fuel prices.
But in practice, the government has continued to set price templates, contradicting the very principle of deregulation.
This half-hearted approach has left Nigerians wondering if the subsidy is truly gone or if the government is merely playing a different game under a new name.
For the everyday Nigerian, this uncertainty is crippling. The promise of lower fuel prices through market competition is nowhere in sight.
Instead, transportation costs have soared, directly impacting food prices, healthcare access, and daily living expenses. The economic strain on the common man grows heavier by the day, as wages stagnate while inflation rises.
Businesses, too, are feeling the pressure. Small enterprises, which are the backbone of the Nigerian economy, rely heavily on fuel to power operations.
Without clear and consistent pricing, these businesses are forced to cut costs, often through layoffs, further deepening the unemployment crisis.
The gradual increases in fuel prices, driven by inconsistent government policies, have only added to the instability.
At the heart of the issue lies a fundamental contradiction: if the subsidy is truly removed, why does the government still control fuel prices?
Deregulation means allowing the market to find its balance, but the continued issuance of price templates by NNPCL suggests that the government is unwilling to relinquish control.
This confusion undermines trust and creates an unstable economic environment where no one, least of all the common man, can plan for the future.
President Tinubu’s government must recognise that the gradual, piecemeal approach to subsidy removal is doing more harm than good.
It creates an illusion of progress while maintaining the same challenges that Nigerians have faced for years. The gradual increases in fuel prices leave the people uncertain about their financial future, unable to predict when the next hike will come or how much more they will have to pay for basic necessities.
From a legal perspective, the current state of affairs raises questions about the commitment to true deregulation. The Petroleum Industry Act (PIA) was designed to foster a free market, but the government’s continued involvement in price-setting is a clear deviation from that mandate.
This not only stifles competition but also leaves consumers with little protection against artificially high prices. Nigerians are entitled to fair and transparent pricing under the Federal Competition and Consumer Protection Act (FCCPA), and the government’s current actions fall short of this obligation.
It is time for President Tinubu’s government to stop playing games with Nigerians’ futures. If the subsidy is truly removed, then the government must take its hands off the market and allow prices to stabilise through competition.
This will restore trust, create a more predictable economic environment, and ultimately benefit the common man who has been waiting for the promised relief.
The Nigerian people deserve better. They deserve a government that stands by its decisions and delivers on its promises.
The benefits of the subsidy removal should not remain a distant dream—they must become a reality. By fully embracing deregulation and removing all government interference in fuel pricing, President Tinubu’s government can finally provide the relief that Nigerians so desperately need.
