Olisa Agbakoba, a prominent lawyer and former president of the Nigerian Bar Association (NBA), has accused President Bola Tinubu of quietly reintroducing fuel subsidies without informing the Nigerian public.
Agbakoba made these allegations during an interview with Arise TV, where he argued that the current fuel prices in Nigeria, ranging from N600 to N700, wouldn’t be possible without some form of subsidy.
He pointed out that if we were to follow international fuel prices, gasoline should be selling for around N1000 to N1100 per liter in Nigeria at the moment.
Agbakoba also mentioned that virtually every government around the world uses some form of subsidy to control fuel prices.
He stated, “Every government in the world does subsidy. Right now, President Tinubu has reintroduced subsidy for fuel consumption without telling us.”
“It is clear that if we apply international prices to fuel, we should be paying N1000–N1100, but it’s only N600–N700.”
“So let’s stop all the hypocrisy, let’s encourage local production, let’s sell the four refineries, let’s allow the indigenous owners of modular refineries to come on board.”
It’s worth remembering that President Tinubu, on the day of his inauguration on May 29, 2023, had declared that the era of fuel subsidy in Nigeria was over.
However, this announcement led to an immediate increase in petrol prices and subsequently affected the prices of other products in the country…[CONTINUE READING HERE]>>
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