Former Ekiti Governor Fayemi criticized Nigeria's hasty rollout of fuel subsidy removal, though he acknowledged it was economically necessary, highlighting divisions over the policy transition.
While acknowledging that removing Nigeria's costly fuel subsidies was an economic necessity, Kayode Fayemi, former governor and chieftain of the ruling party, has criticized the Tinubu administration for its hasty and ill-prepared rollout of the hugely consequential policy shift.
In a television interview, Fayemi stated, "The policy changes were appropriate, but the announcement at the inauguration day was a little bit precipitous and did not allow for enough room to prepare the ameliorating circumstances that would address the challenges that were bound to come in terms of inflation."
The abolition of subsidies has triggered a spike in fuel prices, exacerbating economic hardships for millions of Nigerians already grappling with rampant inflation. Fayemi argued that the government failed to adequately plan for the shocks and provide sufficient mitigation measures to cushion the impacts on households and businesses.
While defending the broader necessity of eliminating the subsidies to rein in fiscal losses, Fayemi's critique highlights divisions within the ruling party over the abrupt transition and lack of a comprehensive strategy to manage the fallout.
Some have rallied behind President Tinubu as taking a tough but essential economic decision, while others echo Fayemi's view that poor planning and communication around the policy shift undermined its implementation.
Economists remain divided on whether subsidy removal combined with supportive policies could reset Nigeria's economy or simply unleash greater financial pain on the public during an already turbulent period of high inflation and economic headwinds.
