By Peter Obi
The announcement by the APC led Federal Government offering a 30-day discount on price of petrol to relieve the acute hardship and hunger caused Nigerians by its unplanned removal of subsidy can only be described as another very reactive and confused approach to governance that is now the culture of the Tinubu Government.
I had delayed in reacting to the announcement just to give the benefit of doubt and watch the outcome of the policy. Now, having assessed the outcomes, the policy is a substitution of political optics for sound policy.
As Nigerians will recall, President Bola Tinubu on May 29, 2023, most carelessly removed fuel subsidy without any consultation or proper assessment of the negative impacts of such policies on our economy particularly on the livelihood of ordinary Nigerians.
Moreover, the careless removal of fuel subsidy was followed by other very badly sequenced policies such as the floating of the naira and tax reforms, all implemented in a very disorganized, incompetent and insensitive manner in addition to using three budgets at the same time with the attendant lack of transparency and accountability. Collectively, these policies stoked inflation in all sectors, pushing in most cases unbearable price hikes across board which placed severe shocks and other adverse consequences on Nigerians.
Expectedly, the outcomes are what they are- increasing multi-dimensional poverty, skyrocketing costs of goods and services, shrinking opportunities, exit of many businesses, mounting unemployment, disturbing insecurity, widening inequality, forced migration of our youths and general decline in the well-being of Nigerians.
Most unfortunately, rather than engage in detailed and published regulatory impact assessment of their reactive policies, the President Bola Tinubu’s led government has again demonstrated their well-known incompetence and insensitivity to governance.
With a detailed and published regulatory impact assessment of policies, a competent government would have pursued robust and sincere engagements and consultations with key stakeholders and ordinary Nigerians to recraft and implement inclusive and sustainable socio-economic growth strategies and policies.
What really does the President Bola Tinubu led government want to achieve with a one-month discount of less than 5% on fuel cost. Will it reduce poverty, unemployment, insecurity, and inequality? Will it increase productivity and exports? Is it a test to ascertain if subsidy should be restored? Is it another political gambit in the face of threats of electoral loss in the 2027 election? Too many questions, no answer!
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