Former Nigerian Economic Summit Group (NESG) Chairman, Kyari Bukar, has called out President Bola Tinubu’s decision to abruptly remove the petrol subsidy, arguing that the move has caused unnecessary hardship for Nigerians.
Why It Matters
According to Bukar, a more sensible approach would have been a phased removal of the subsidy, allowing Nigerians to adjust slowly rather than being hit all at once. He suggested a gradual reduction, removing about 5% every six months. This way, the public wouldn’t have felt the harsh impact so quickly. But no, in typical Nigerian political fashion, the government opted for the “rip off the bandage” method, leaving citizens struggling to survive in an already tough economic climate.
Bukar, now the Managing Partner at Trans-Saharan Investment Corporation, shared his views on Channels Television’s Inside Sources with Laolu Akande. While speaking about the economic mess this policy has created.
It’s a simple equation, really, policy decisions that ignore the needs of the people tend to backfire. But somehow, this seems lost on the powers that be.
What They Are saying
“When you’re making policies for the economy, the input of the people participating in that economy is crucial,” Bukar pointed out, subtly hinting at the apparent disconnect between the government’s economic policies and the daily realities of its citizens. It’s as if those in charge are living in a completely different world.
He further noted that when policies are detrimental, people will simply find ways around them or leave. And who can blame them? With inflation soaring, fuel prices skyrocketing, and the Naira in a downward spiral, Nigerians are being pushed to their limits.
“There’s a lot of anxiety in the country. Economically speaking, there is a lot of hunger, and people are becoming more desperate. They’re saying and doing things they wouldn’t normally do, and this is all tied to a few key policy decisions—the removal of the fuel subsidy and the harmonization of exchange rates,” Bukar said.
While acknowledging that these policies are good on paper, Bukar criticized their implementation, stating that both could have been introduced in a more informed and considerate manner. Instead, the government’s hasty approach has only deepened the economic crisis. If there’s one thing Nigerians have learned, it’s that even well-intentioned policies can have disastrous outcomes when executed without proper planning or care.
Bottom Line
Bukar’s recommendation is clear: fuel subsidy removal should have been gradual, spread over time, rather than slamming the door shut without warning.
