Scarcity of fuel has started gripping some major cities as queues begin to surface Monday night causing widespread inconvenience and economic disruption after the announcement of removal of fuel subsidy by the newly inaugurated administration.
The scarcity comes in the wake of newly inaugurated President Bola Tinubu’s pledge to eliminate fuel subsidies, a move that is expected to increase the price of refined oil in a country already facing a severe economic crisis marked by double-digit inflation, surging debt, poverty, and unemployment.
In his inaugural address, President Tinubu vowed to “defend the nation from terror and all forms of criminality,” while declaring an end to fuel subsidies. The removal of these subsidies is likely to result in a significant hike in fuel prices, further burdening Nigerian citizens already grappling with economic hardships.
“I will not allow my personal interest to influence my official conduct or my official decisions. That I will preserve, protect, and defend the constitution of the Federal Republic of Nigeria,” President Tinubu asserted, emphasizing his commitment to upholding the country’s constitutional principles.
President Tinubu, a 71-year-old former governor of Lagos, Nigeria’s economic hub, assumed office during a time of unprecedented challenges for the nation. Despite hopes for a better future under his leadership, there remains skepticism among some citizens regarding the government’s ability to deliver meaningful change.
The swearing-in ceremony, held in the capital city of Abuja, was attended by thousands of Nigerians and several heads of government. Tinubu succeeds President Muhammadu Buhari, taking on the responsibility of leading a country projected to become the world’s third most populous nation by 2050, following India and China.
Building upon Buhari’s efforts, Tinubu has promised to focus on providing democratic dividends to Nigerian citizens. However, his presidency faces formidable obstacles, including security crises, rampant poverty, and hunger, which have led to widespread frustration and discontent among the population.
In his inaugural remarks, President Tinubu declared that “hope is back for Nigeria” and expressed his determination to unite a deeply divided nation. He pledged to address economic and security concerns while ensuring fairness and justice for marginalized groups.
President Tinubu’s manifesto centers around the theme of “renewed hope,” with a focus on job creation, boosting local production, investing in agriculture and public infrastructure, and enhancing national security to address all forms of insecurity.
However, analysts caution that his ambitious plans could face significant hurdles in the first 100 days of his presidency, given the country’s current challenges, including insecurity, fiscal crises, poverty, and public discontent.
Critics draw parallels between Tinubu’s promises and the initial aspirations of President Buhari, who took office in 2015 with a similar agenda. Despite his commitment to tackling insecurity and revitalizing the economy, Buhari fell short of meeting the expectations of many Nigerians.