“Nigerian Government Rejects Fuel Subsidy Revival Amidst Protests, Citing Lack of Budget Allocation”

The Nigerian Government has dismissed calls to reinstate fuel subsidies amidst ongoing hunger protests.

Finance Minister Wale Edun made this announcement on Tuesday during an interview with AIT. His statement follows protests demanding the reinstatement of fuel subsidies to address the escalating cost of living.

Edun clarified that fuel subsidies are not included in the 2024 national budget. He noted that there are indications that the country’s economic trajectory is positive. “There is no fuel subsidy in the budget, and that is the factual truth. We see signs that we are moving in the right direction. Our goal is to sustain these trends,” he said.

President Bola Ahmed Tinubu had previously acknowledged the pain caused by the subsidy removal in a weekend broadcast, emphasizing that the decision was necessary. In contrast, former President Olusegun Obasanjo recently told the Financial Times that inflation had led to the resurgence of Nigeria’s fuel subsidy.

It’s worth noting that President Tinubu ended the fuel subsidy in June 2023, resulting in a price increase of fuel from N238 to over N600 per liter.