Preamble
As the economic consequences of fuel subsidy removal continue to shape the daily lives of Nigerians, questions over the management of the savings generated by the policy have become increasingly important. Public Policy Analyst and Good Governance Advocate, Tijjani Sarki, has urged the government to provide Nigerians with clear evidence of how the resources saved from subsidy removal are being utilised.
Sarki made the call in his latest column titled “Fuel Subsidy: After the Pain, Where Is the Dividend?”, stressing that the success of economic reform should not be measured only by how much government saves, but by the tangible benefits that citizens receive.
He acknowledged that the removal of fuel subsidy was presented as a difficult but necessary reform aimed at reducing pressure on public finances and creating more resources for development. However, he noted that Nigerians have continued to face the consequences through higher transportation costs, rising food prices and increased production expenses.
According to him, the central question now should be what Nigerians have gained from the sacrifices associated with the policy and whether those sacrifices are producing a stronger and more sustainable economy.
The analyst said government should clearly account for the resources generated through subsidy removal, including how much has been saved and how much has been channelled into transportation, infrastructure, healthcare, education and social protection.
He also asked the government to explain the extent to which the savings are being used to support productive sectors, small businesses and other areas capable of expanding economic opportunities for Nigerians.
Sarki maintained that transparency must remain an essential component of economic reform, arguing that citizens would have greater confidence in the process if they could see measurable improvements resulting from the sacrifices they are making.
He further noted that the debate should not be reduced to arguments over whether fuel subsidy should be restored or permanently removed, saying the focus should instead be on building an economy that reduces the hardship faced by ordinary Nigerians.
The public policy analyst stressed that cheap petrol alone does not necessarily translate into a cheap or better life, noting that Nigerians also need affordable transportation, competitive businesses, decent incomes, reliable electricity and accessible social services.
“Nigerian can not eat reform but they can only benefits from it when it translate into jobs, affordable transportation, lower production cost, better public service and dignified standard of living”
He also called for greater attention to Nigeria’s domestic refining capacity, arguing that increased local refining could reduce the country’s dependence on imported refined petroleum products and minimise exposure to international price fluctuations, exchange-rate pressures and supply disruptions.
Sarki concluded that the ultimate test of the subsidy reform should be its ability to create a more productive and resilient economy in which Nigerians can meet their basic needs and enjoy tangible improvements in their standard of living.
The time has therefore come to move beyond argument over whether subsidy should exist and focus on bigger question “How do we build an economy in which Nigerian no longer need subsidy simply to survive
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