When President Bola Tinubu said “fuel subsidy is gone” on May 29, 2023, which happened to be the day of his inauguration, Nigerians had believed it was gone for good.
However, as the months went by, Nigerians began to see reasons to believe that the fuel subsidy regime ‘is very much around’.
One of such Nigerians is the former Vice President, Atiku Abubakar.
As we speak, Atiku has levelled serious accusations against President Bola Tinubu regarding the handling of the fuel subsidy issue.
Atiku released a strongly worded statement on Wednesday in Abuja.
In that statement, the former vice president claimed that the Tinubu administration had clandestinely continued to fund fuel subsidies, despite public claims to the contrary.
Is Fuel Subsidy Gone?
To Atiku, the government is expected to spend up to ₦5.4 trillion on subsidies for Premium Motor Spirit (petrol) in 2024 alone.
Now, the question is, which subsidy did Tinubu say was gone?
Yes, this question is very necessary because the assertion starkly contrasts with President
Tinubu’s public stance, which suggests that his administration has ceased all subsidy payments.
“The Tinubu administration must stop deceiving Nigerians and be transparent about its policies,” Atiku said.
He urged the President to align his administration’s public statements with its actions, especially on issues as critical as fuel subsidy.
This is because it directly impacts the economic well-being of the populace.
Bragging Right
Atiku continued: “President Bola Tinubu, at his inauguration on May 29, 2023, announced the abolishment of the subsidy on PMS, popularly known as fuel.
“Ever since, it has been a bragging right of Tinubu and officials of his administration.
“I had in my statement reviewing the one year of the Bola Tinubu administration urged the government to come clean on the actual position of the subsidy policy.
“These were my exact words: “…provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts.
“It is curious that since April 2024, fuel queues have mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states.
“How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?”
Subsidy Regime
“If the subsidy regime had been characterised by opaqueness, what would we say of a situation where the subsidy is still being paid under the cover without Nigerians in the know?
Also Read: Is Fuel Subsidy Back? See What We Found
“Like millions of Nigerians, I was shocked to learn through media reports that the
“government is still supporting downstream consumption.
“Now we know that expenditure on fuel subsidy may reach ₦5.4 trillion in 2024, compared to the ₦3.6 trillion spent in 2023, the same year that Tinubu claimed to have abolished fuel subsidy
“I wish to restate that Nigeria is not working, and what we have had in a little over a year is a cocktail of trial-and-error economic policies.
“Paying subsidies and lying about it is nothing to brag about.
“Nigerians deserve better than this deception”.
The Big Question
Atiku’s statement comes at a time when the Nigerian government is facing intense scrutiny over its economic policies amid rising costs of living and ongoing debates around subsidy removal.
For months now, a big question mark has been hanging on the subsidy removal.
Meanwhile, the administration of President Tinubu has on several occasions insisted that fuel subsidy is gone and gone for good.
