APC CHIEFTAIN: WHETHER OR NOT THE SUBSIDY HAS RETURNED, FG SHOULD BE OPEN TO NIGERIANS.

Former state minister for defense Musiliu Obanikoro had directed the administration of President Bola Tinubu to explicitly inform Nigerians whether or not the fuel subsidy has been reinstated.

Chieftain of the ruling All Progressives Congress (APC), Obanikoro made this remark on Channels TV’s SuriseDaily on Wednesday. According to Obanikoro, there were hints that the Tinubu-led administration might have reinstated fuel subsidies. He requested that the administration be transparent with Nigerians.

“You talk about subsidy? Mr. Falana knows the price of crude in dollars. Since our money, the naira, has lost so much value and crude is dollarized, obviously, there must be a cushion somewhere. I can’t speak to that; that is a matter best addressed by someone speaking on behalf of the government.” Obanikoro said.

But my common sense tells me that there is a gap and because of the pain in the country, the government cannot allow that lacuna to be left unfilled, hence government may chip in some amount of money to fill in that gap.

“I do believe that that needs to be communicated, no doubt about that. That is why it is important to take the people along step by step.”

President Bola Tinubu declared the end of the petroleum subsidy era in his inaugural speech on May 29, 2023. Depending on the area of the country, the price of the essential good increased from about N184 to over N600.

The naira was depreciated by the new government as well, rising from about $1/N700 in May to more than $1/1500 now.