The co-founder of BudgIT, a Nigerian civic platform, Seun Onigbinde, said that the government could not remove subsidies without offering to reduce the waste in government.  According to him, government officials cannot live large while the citizens bear the higher cost of living.

Onigbinde said:

“You can’t remove subsidy without offering to reduce the waste in government. You can’t live large while the citizens bear the higher cost of living. You are the leader. You show examples and earn trust. Subsidy Removal must happen, but it requires tact. You have to figure out how to handle food inflation, provide alternative means of transport, and ramp up social investment under a well-structured social investment program. Anything else is a pathway to social disorder.”

However, Nigerians have said petrol stations have adjusted their pump price to reflect the new reality, stating that petrol is now sold for between N500 and N600 in most petrol stations. IPMAN opposes plan The Independent Petroleum Marketers Association of Nigeria has opposed Tinubu’s plan to enforce his predecessor’s plan to remove fuel subsidies by the end of June.

IPMAM, which reacted to the President’s announcement, said that IPMAN said it was not opposed to the new President’s subsidy removal plan, saying that the body supports the removal but should have discussed the plan with it before embarking on the removal.

Reports states that IPMAN’s Public Relations Officer, Ukadike Chinedu, said the new government should dialogue with marketers before ending petrol subsidies. Chinedu said that IPMAN is not in support of the removal at this time because the refineries have not been fixed, and that is the condition given to the previous administration before removing the subsidy. He stated that the marketers are ready to work with the new government to proffer solutions to the subsidy regime.

Dangote refinery is not the answer, Ben Murray-Bruce.

Former Bayelsa Senator, has said that the Dangote refinery is not the answer to reducing the petrol price. Murray-Bruce, who was answering questions on the refinery commissioning, stated that the Nigerian government needs to apologize to Nigerians for failing to do what Dangote did in a few years.

He said that the Dangote refinery would maximize profit as a private business and that Nigerians should not expect to buy fuel at a low price when subsidies are removed or when Dangote Refinery bacomes fully operational
Murray-Bruce said:

“Prices are going to go up. If Dangote starts, he is not going to make prices drop. He is not going to subsidize you. The government can subsidize you. If he doesn’t charge market value, he will be bankrupt.”

NNPC reacts to fuel queues

The Nigerian National Petroleum Company Limited (NNPC) has said that the potential changes to petrol prices are not enough reason for Nigerians to begin panic buying. NNPC Chief Executive Officer Mele Kyari said on Monday, May 29, 2023, that the NNPC is ready to ensure adequate petrol supply.

He said the company is observing all its distribution networks to ensure compliance. He said the NNPC has a sufficient supply of the product, especially petrol, and there is no reason to panic. Subsidy removal, exchange rate, one other economic decision Tinubu wants to make immediately

Fedpolygist reports that Bola Ahmed Tinubu is officially Nigeria’s president and has begun making a series of economic policy pronouncements. In his inaugural address, Tinubu promised many economic reforms he would execute from inception. Tinubu broached the contentious issue of petrol subsidy removal abandoned by his predecessor, Muhammadu Buhari.