FORMER President, Chief Olusegun Obasanjo, said the fuel subsidy removed in June 2023 by President Bola Tinubu has returned as a result of inflation.
In an interview with the Financial Times, Obasanjo faulted the manner Tinubu’s administration removed the subsidy, saying government should have put measures in place before announcing the removal.
He 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.”
He said there must be investor confidence in Nigeria, noting: “You have to go from transactional economy to transformational economy.”
Obasanjo also expressed concern that those currently profiting from Nigeria’s fuel importation may seek to undermine the Dangote Petroleum Refinery.
Recall that President of the Dangote Group, Alhaji Aliko Dangote, had accused certain ‘mafia’ of attempting to sabotage his $20billion refinery project, especially by not supplying it adequate crude oil.
Following the face-off between the refinery and the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has instructed the latter to sell crude oil to the former in Naira.
Obasanjo, in the interview, contended that the success of the refinery succeeds could boost further local and foreign investments, adding: “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.
“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated.”
