It is exactly eight days today that President Bola Tinubu assumed office as the 16th President and Commander-in-Chief of the Federal Republic of Nigeria. Unless the situation changes, in the next 48 hours, the Nigeria Labour Congress will embark on an industrial action.
This is a sad reminder of the Abacha years when the usual tradition of the NLC was to embark on indefinite industrial action.
However, the NLC’s proposed strike was not unexpected. It was as a result of the sudden hike in the price of the Premium Motor Spirit (petrol) as well as the negative effect on the mass of the people. The last one week had been very terrible for Nigerians. The agonies on their faces were palpable. We can all feel the pain.
Sadly, the increase in the price of the petroleum product became effective the day President Tinubu announced in his inaugural speech that subsidy “is gone”. The new president gave us the first gift in form of the subsidy removal.
To some Nigerians, the manner and approach by which the subsidy was removed via his inaugural speech showed the insensitivity and level of arrogance of an emperor. They argued that President Tinubu is ready to stake his life to have his way in every situation that has to do with making difficult decisions.
And to others, it was the strong will and determination of a new Sheriff that is ready to step on toes and dare the establishment with his revolutionary plan. Meanwhile, to Nigerians, it is nothing but a continuation of the long suffering we experienced during the eight years of former President Muhammadu Buhari.
Whether Tinubu decided to act like an emperor or he would like to step on toes and dare the establishment for the good of all, the most important thing for the new president is to know that he has the greatest opportunity to impact the lives of Nigerians positively. Tinubu must avoid the mistakes of his predecessors and write his name in gold.
Anything short of changing the poor narratives would be disastrous to his image, especially as one of the most vilified politicians in Nigeria’s history. Prior to his inaugural speech last week, expectations were high that President Tinubu would renew the Nigerian hope of a prosperous nation. We believed that Nigerians would be happy, at least for now, after eight years pain and agony.
But when President Tinubu dropped the bombshell that fuel subsidy is gone, Nigerians begin to wonder whether his administration would bring the needed reprieve or add to the previous hardship that had become the tradition of most of our leaders.
Dissecting the tone of his speech, President Tinubu admitted truly that Nigerians have suffered a lot from prolonged economic hardship. While giving hope about the new administration, Mr. President also faulted past administrations for their failure to make the right decision on the subsidy scam that had been on for a very long time.
From his speech, President Tinubu seemed to have understood the fact that Nigerians have lost hope in the gospel of a new Nigeria that he is projecting. Despite the fact that he knew from the outset that it was evident that the removal of subsidy had always been on the cards, he decided to hit the nail on the head on the removal of the subsidy – a difficult decision which all his predecessors had deferred for years.
The removal of the subsidy and the effect on the Nigerian economy have turned out to be a major issue in Nigeria today. As Nigerians react to the hike in the the price of fuel, I think it is better for President Tinubu to think of the best approach to cushion the negative effects of this policy on the mass of the people.
For instance, the long queues at our filling stations will not be too good for an administration that came to power just one week ago and also through the most contested and controversial election in the history of this country. It is my belief that president Tinubu is toeing a painful path to economic rebirth and if he’s not wise enough, that might be his Achilles heel.
Those that supported the Federal Government’s decision to remove subsidy had argued that Nigeria can no longer sustain the economic rigours of paying billions of dollars as subsidy. They added that the prices of petrol cannot be fixed because the prices of the product would continue to be determined by the market forces. They believed also that an increase in the fuel pump prices will lead to enhanced market competition.
Those that are against the decision posited that the approach was very harsh. They insisted that the removal of subsidy must not fuel pain and poverty in Nigeria, even as they maintained that Nigerians must not be made to pay for decades of subsidy scams.
Unfortunately too, oil theft has also become a major issue in Nigeria. Over the years, Nigeria has lost several billions of dollars to oil theft.
And having understood the terrain, President Tinubu had clearly told the Service Chiefs that as the subsidy regime is gone, the era of losing billions of dollars to oil theft is also gone.
As far as I am concerned, I think there’s urgent need for the Federal Government to put up enduring measures as palliatives in order to cushion the effect of subsidy removal. The new administration must find a way of mitigating the effect of subsidy.
And in the words of one of my respected brothers and political analyst: “Whether we like it or not subsidy is gone.”
We must keep our eyes on the new administration by keeping {resident Tinubu on its toes so that the several billions that had been misappropriated through the subsidy scam would now be used for something that is reasonable and good for the general well being of Nigerians.
. Aderemi writes from Lagos.