The removal of the fuel subsidy was meant to usher in a new era for Nigeria—a time when market forces would dictate prices, bringing relief to the economy and, by extension, to the everyday Nigerian. However, the reality under President Bola Tinubu’s administration has been far from the anticipated relief. Instead, we find ourselves entangled in a web of manipulations by powerful interests, what some might call a “Mafia” that have rendered the benefits of subsidy removal nearly non-existent.
The core promise of subsidy removal was that it would eliminate the price distortions caused by government intervention, allowing for a more efficient distribution of fuel and, ultimately, a more favorable pricing structure for consumers. But what we are witnessing is a stark contrast to this promise. Despite the removal of the subsidy, fuel prices remain high, fluctuating unpredictably, and continuing to burden the average Nigerian. This begs the question: who is really in control of the energy sector?
It is no secret that the Nigerian oil sector has long been plagued by the influence of powerful cartels and vested interests. These groups have thrived on the opacity of the subsidy regime, and now, even in its absence, they continue to manipulate the market to their advantage. They dictate the supply chain, create artificial scarcities, and engage in price gouging, all while the regulatory bodies appear powerless or unwilling to intervene.
This scenario is particularly disheartening when one considers the expectations that were set with the subsidy removal. Nigerians were ready to tighten their belts for a while, understanding that the initial pain would eventually give way to long-term gain. Yet, the lack of tangible improvement has led to widespread disillusionment. The question on everyone’s lips is: how is it that we are still suffering from high fuel prices when the very mechanism supposedly responsible for those high prices has been dismantled?
What is even more unfortunate is the growing nostalgia for the Buhari administration, a period that was itself marred by economic challenges and fuel crises. Under Buhari, despite the flaws and the corruption associated with the subsidy regime, there was at least a semblance of predictability in fuel pricing. Now, however, Nigerians are dealing with the worst of both worlds: no subsidy, and no relief.
The Tinubu administration must urgently address these issues. The government cannot simply step aside and allow these powerful interests to continue holding the nation to ransom. There must be a concerted effort to break the stranglehold of these cartels on the energy sector, ensuring that the benefits of subsidy removal reach the people as intended.
If the government fails to act, the consequences will be dire, not just for the economy, but for the legitimacy of Tinubu’s leadership. Nigerians are beginning to lose hope, and when a nation loses hope, it is on a dangerous path. The administration must reclaim control of the energy sector and deliver on its promises before it is too late.
The comparison to Buhari’s era should serve as a wake-up call. If Nigerians are beginning to view that time as more favorable, it speaks volumes about the current state of affairs. Tinubu’s government must rise to the challenge and prove that it can deliver the change that was promised, starting with ensuring that fuel prices reflect the true cost of production and distribution, free from the grip of any “Mafia.” Only then can the Nigerian people begin to experience the benefits of the subsidy removal and see a glimmer of hope for the future.
