Since assuming office, Tinubu has taken major decisions which include subsidy removal and signing of the electricity act 2023. While the subsidy removal has increased hardship among Nigerians with the upsurge in the price of petrol, are Nigerians expecting an upsurge in the price of electricity across states as power generation has been put into the hands of private investors?
Subsidy & Electricity Act 2023: Is Nigeria's President, Bola Tinubu making hasty or informed decisions?
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Nigeria became a financial mess before May 29, 2023, when Tinubu arrived at Aso Rock. To steer the wheels of the economy brightly, he was faced with two options: printing more money or removing fuel subsidies. Had he overlooked either of these, he had two dangers to deal with ahead of him: owing worRead more
Nigeria became a financial mess before May 29, 2023, when Tinubu arrived at Aso Rock. To steer the wheels of the economy brightly, he was faced with two options: printing more money or removing fuel subsidies. Had he overlooked either of these, he had two dangers to deal with ahead of him: owing workers’ salaries or inflating external debts (loans).
It is a hard decision for Tinubu to have chosen to speedily remove the petrol subsidy. But, with the amendment of CBN’s act thereby hiking advances to FG from 5% to 15% is something to look out for as its effect may bring about inflation because more money will be thrown into the system without commensurate production going on in the country.
While taking bold decisions is a good move by Tinubu’s administration, I think Nigeria’s problems deserve in-depth analysis before approaching them.
See lessI think President Tinubu wanted to appeal to the wishes of Nigerians when he declared the removal of fuel subsidies in the early hours of his administration. That announcement, being hasty or not, was of public interest. It is true Nigerians are facing hard times following this decision, but it is gRead more
I think President Tinubu wanted to appeal to the wishes of Nigerians when he declared the removal of fuel subsidies in the early hours of his administration. That announcement, being hasty or not, was of public interest. It is true Nigerians are facing hard times following this decision, but it is gainful that a few populations are not taking the funds. Even with the subsidy, the petrol price was still high.
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