Bola Tinubu: List of Past Nigerian Presidents Who Attempted To Remove Fuel Subsidy

President Bola Ahmed Tinubu on Monday, May 29 during his inaugural speech announced fuel subsidy removal, explaining that “he felt it was expedient to stop the subsidy on the first day”.

Historically, fuel subsidy began in the 1970s and was later institutionalized in 1977 following the promulgation of the Price Control Act, which made it illegal for petrol to be sold above the regulated prices, Daily Trust reported.

However, as noble as fuel subsidy is, it has become a major drain on government finances, leading to significant fiscal deficits and a strain on the country’s budget.

Previous administrations have attempted to remove subsidies because of its huge burden on the nation’s economy but such attempts have been resisted by protests and public outcry.

According to a report published by Blueprint Newspaper, the first attempt to remove fuel subsidy was made in 1988 during General Ibrahim Bababagida’s regime. There were huge protests following increases in fuel prices and the government was forced to introduce a subsidy stabilise fuel prices and make them affordable for the general population.

Read also

Marketers alert Nigerians on new petrol prices for North, South regions as private companies begin importation

Almost a decade after the return of democracy, President Olusegun Obasanjo In 1999 abandoned his plan to remove fuel subsidies due to public resistance and protests.

Obasanjo had attempted to deregulate the downstream sector of the oil industry, which included removing fuel subsidies.

Another president who attempted to remove fuel subsidy was Goodluck Jonathan in January 2012.

The announcement to partially remove fuel subsidy in 2012 sparked widespread protests across the country, known as the “Occupy Nigeria” protests.

Jonathan’s administration just like previous government bowed to pressure and abandoned the plan.

The story was not different in May 2016 when President Muhammadu Buhari administration announced the complete removal of fuel subsidy.

Buhari’s administration has argued that the decision was to address corruption, inefficiency, and the drain on public finances.

Read also

“Fuel subsidy, a scam,” Ogun Gov Abiodun backs President Tinubu, gives reason

As it was with the previous government, subsidies were partially reinstated due to public backlash.

“Fuel Subsidy Is Gone,” President Tinubu Reveals in Inaugural Address

Meanwhile, Legit.ng had reported that President Bola Ahmed Tinubu, has stated that his administration will not continue with payment of fuel subsidy.

Tinubu made this known during his inaugural speech at the Presidential inauguration at Eagles Square, Abuja, on Monday, May 29.

“It Is Gone”: Why I announced end to fuel subsidy in my inaugural speech, Tinubu opens up

Earlier, Legit.ng had reported that President Bola Ahmed Tinubu has opened up on how his special adviser on monetary policy, Wale Edun, and special adviser on special duties, communication and strategy, Dele Alake, excluded fuel subsidy removal in his inaugural speech.

Tinubu had on Monday, May 29, announced the end of fuel subsidy in his inaugural speech, saying “it is gone.”

Source: Legit.ng