When President Bola Ahmed Tinubu declared on May 29, 2023, that “subsidy is gone,” Nigerians knew life would change. What they didn’t anticipate was the speed and severity with which the removal of fuel subsidy would transform everyday living into a battle for survival. A policy once defended as necessary for economic growth has, in practice, left millions of citizens reeling under unprecedented hardship. The question today is not whether subsidy removal was inevitable, but whether the “Renewed Hope” agenda has worsened or eased the lives of Nigerians.
Petrol at Luxury Prices
Before subsidy removal, a litre of petrol sold at about ₦185. Today, the pump price fluctuates between ₦617 and ₦700, depending on the station and location. For many Nigerians who earn less than ₦50,000 monthly, this has turned commuting into a financial nightmare.
Commercial bus drivers now charge almost double the old fares. A trip from Lagos Mainland to Island that once cost ₦500 now goes for ₦1,200 – ₦1,500. In Abuja, the standard ₦100 drop in town is now ₦300 or more. Across rural areas, farmers are unable to transport goods to markets, leading to both wastage and skyrocketing food prices.
The result? Inflation has climbed above 33%, with food inflation near 40%—one of the highest in the world.
Electricity Bills on Steroids
To compound the problem, electricity tariffs have also surged. Households already enduring poor power supply now receive bills that swallow a huge portion of their income. Businesses—especially small and medium enterprises—have been forced into survival mode. Tailors, welders, barbers, and frozen food sellers are spending more on petrol or diesel to fuel generators, while also grappling with falling customer demand.
The supposed “phasing out” of subsidies was expected to free up funds for infrastructure, health, and education. Instead, what most citizens see is hardship with no visible improvement in public services.
Transport Costs and the Erosion of Income
Transportation costs are arguably the most visible indicator of subsidy removal. Civil servants, students, and market women alike now spend up to half their daily income just to get to work or school. In Lagos, ride-hailing services like Bolt and Uber have doubled their fares, pushing them out of reach for the average commuter. Inter-state travel has also become a luxury: the once ₦6,000 night bus to Onitsha now costs ₦15,000 or more.
This has ripple effects: food transported from farms in Benue, Plateau, and Kaduna now costs more in urban centres. Traders pass this cost to buyers, pushing tomatoes, garri, rice, and beans beyond the reach of the poor.
Renewed Hope or Renewed Hardship?
President Tinubu’s defenders argue that subsidy removal was a bold step long avoided by past leaders. They insist it is a bitter pill necessary for long-term economic recovery. Indeed, the government has announced plans for palliatives, including ₦35,000 wage awards, compressed natural gas (CNG) buses, and cash transfers to vulnerable households.
Yet on the ground, many Nigerians have not felt the impact of these promises. The distribution of palliatives has been riddled with delays, corruption allegations, and outright inefficiency. The CNG buses, touted as a major relief measure, are nowhere near operational on a meaningful scale. Meanwhile, the people continue to suffer.
For an average Nigerian, “Renewed Hope” now sounds more like “Renewed Hardship.”
Lessons from the Past
Nigeria has been here before. In January 2012, the Goodluck Jonathan administration attempted subsidy removal, sparking the Occupy Nigeria protests that paralyzed the country. Then, citizens argued that government could not be trusted with the savings from subsidy removal. Over a decade later, the same doubts linger: Nigerians ask—where exactly is the money going?
The Way Forward
While subsidy removal may have been economically necessary, its implementation has lacked a human face. For this policy to truly deliver “Renewed Hope,” the government must:
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Show Transparency: Publish clear records of subsidy savings and where the funds are being invested.
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Fix Public Transportation: Roll out CNG buses rapidly to ease commuting costs.
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Invest in Refineries: Local refining will reduce Nigeria’s dependence on imported fuel.
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Expand Social Safety Nets: Direct cash transfers should reach real vulnerable households, not political beneficiaries.
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Support SMEs: Provide energy subsidies or tax reliefs to businesses hit hardest by the price shocks.
Final Word
Every reform comes with pain, but in a country where over 133 million people live in multidimensional poverty, the line between “pain” and “punishment” is thin. Nigerians are not against tough policies—they only ask for sincerity, accountability, and relief measures that actually reach them.
Until then, the irony remains: a policy sold as “Renewed Hope” feels, in the lives of ordinary Nigerians, like renewed suffering.
📌 Stone Reporters News Editorial Desk
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