AGOS — “Short-term pain for long-term gain.” This was the solemn pledge made by President Bola Tinubu as he announced the end of the petrol subsidy regime. He promised that the trillions of Naira saved would be redirected into world-class healthcare, modernized education, and a robust transport infrastructure. Today, as petrol prices hover near ₦1,400 per litre, Nigerians are asking: where are the gains?
The government’s primary defense was that the subsidy only benefited “smugglers and the rich.” Yet, the promised palliatives have been widely criticized as “too little, too late.” The rollout of the Presidential CNG Initiative, while gaining some momentum recently, has faced significant delays, leaving millions of commuters at the mercy of skyrocketing transport fares for years.
Furthermore, the transparency of the “saved” subsidy trillions remains a point of contention. While state governments are receiving record-high monthly allocations from the Federation Account Allocation Committee (FAAC), there is little evidence of a corresponding revolution in public services at the grassroots level. Instead of the promised infrastructure boom, Nigerians have seen a rise in the cost of food and basic services, leading to a sense of betrayal. The “gains” of subsidy removal remain, for now, confined to government ledgers while the streets continue to bear the brunt of the “pain.” See more