By Samson O. Oderinde
The removal of fuel subsidy was a child of necessity. Though painful and disruptive at the outset, it has saved the country from imminent fiscal ruin and international embarrassment. For decades, the subsidy regime enriched a few multi-millionaires and billionaires while draining public resources that should have gone to critical infrastructure and social services.
What the policy has delivered so far;
– Stable fuel supply across the country, ending the era of long queues and arbitrary price hikes.
– Improved fiscal space for government to invest in roads, health, education, and social interventions.
– Growing investor confidence, as Nigeria’s economic policy becomes more predictable and market-driven.
A policy summersault at this stage appears to be a Greek gift and political grandstanding aimed at cajoling Nigerians for votes. Fuel subsidy is no longer sustainable and a reversal will only bring instability, discourage investment, hurt productivity, worsen inflation, and trigger social crisis and insecurity. The gains we are beginning to see will be lost almost immediately.
Nigerians have aligned with the reality and are managing the pains because there is now assurance. With stable supply and more predictable pricing, businesses and families can plan. The aspiration now is for a secure future when domestic refining capacity outstrips demand, prices moderate further, and we see a boom in socio-economic activities nationwide.
No one who wishes Nigeria well will contemplate a reversal of this lofty policy. The same logic applies to the ongoing reforms in the oil sector. The foundation being laid today promises brighter hope for all Nigerians.
Nigerians are therefore admonished to bear with the present inconveniences and look forward to the good days ahead. The benefits are not far away. To reverse course now is to return to uncertainty, waste, and a doom’s day of endless borrowing and debt.
Samson O. Oderinde, JP is former Executive Chairman, Yewa North Local Government and former Senior Special Adviser to Deputy Governor of Ogun State. He writes in from Igbogila-Yewa
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