Following the abolition of fuel subsidies, which caused petrol, transport, and food prices to soar, Nigeria’s new president Bola Tinubu called on Monday for the country’s citizens to show patience and accept “sacrifices” in exchange for future investments.
The Head of State sent a message to his compatriots on the occasion of Nigeria’s National Day of Democracy, asking them to sacrifice for the survival of their country, assuring them that their sacrifice would not be in vain.
In return, the President promised that the government would make massive investments in transport infrastructure, education, regular electricity supply, healthcare, and other public services.
When Bola Tinubu took office on 29 May, he announced the end of fuel subsidies, which were costing the state billions of euros and forcing it to borrow heavily to keep petrol prices down.
As a result, the end of the subsidies tripled the price of fuel, causing transport prices to soar and food and electricity prices to rise for many Nigerians using petrol generators.
Since the end of subsidies, a liter of petrol has risen from 190 nairas (38 cents) to around 540 nairas (1 euro).
Because of the failure of its state refineries, Nigeria, one of Africa’s biggest oil producers, is trading its crude oil, worth billions of dollars, for imported fuel.