Former President, Olusegun Obasanjo, has revealed that fuel subsidy which was removed by the Federal Government in 2023 has been reintroduced due to inflation.
Obasanjo mentioned this during a recent interview with the Financial Times. He faulted the manner in which the subsidy was removed by the government.
According to him, the government should have implemented some measures before the subsidy removal. He, however, explained that the subsidy has “come back” due to the inflation rate.
“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,” Obasanjo said
President Bola Tinubu during his inaugural address on May 29, 2023, had declared that fuel subsidy “is gone”. The development has led to the increase of petrol price from about N200 to over N600 per litre.