Would the new government favor Nigeria's economy?

The above question is what many Nigerians are asking themselves now. Just three days into the office of the newly elected president, Asiwaju Bola Ahmed Tinubu, Nigerians have been going through a tough time concerning the removal of the fuel subsidy. Some claimed it was very bad of the new government to take such a rash decision without considering the pain it would cause the citizens, while others claimed the removal of the fuel subsidy was the right thing to do.

Nigeria is a country blessed with crude oil and other mineral resources, but due to the greed and selfish interests of our corrupt leaders, the country couldn't maximize this big asset for the good of the country; rather, it exported it out for refining, imported it back, and then sold it at a high price to the citizens of the country. This has been going on for decades with no one to question them; the local refineries aren't functioning, whereas there are many registered names as fuel merchants who aren't operating yet but benefit from the percentage the federal government is paying as a subsidy.

On May 29, 2023, was the inauguration of the new president of the Federal Republic of Nigeria, and during his speech where he announced he would be removing the subsidy, almost all the filling stations closed their doors against Nigerians, all claiming they had no fuel, whereas they were hoarding just to increase the price. On Thursday around 10 a.m., fuel was being sold at #205, #215, and #220, respectively, in some filling stations, but immediately after the new president made the announcement, the price of fuel increased to #500, #520, and #550, respectively, and this has caused unrest in the country as there is fuel scarcity. Prices of other goods, such as foodstuffs, also increased greatly, leaving Nigerians lamenting how to survive this difficult time.

Image Credit is mine

During the inauguration, the newly sworn-in president made some promises to Nigerians that seemed convincing enough; this made people believe him to some extent that he was here to make a positive change, while others had contrary opinions. Why, then, did he start his administration with subsidy removal? This is the question people with contrary opinions are asking the president's supporters. I'm not on anyone's side, but I asked questions from those that are politically wise, and they gave reasons that made me see that the fuel subsidy removal isn't an act of wickedness but an act to reshape the petroleum industry and fish out all the ghost merchants who aren't real but benefiting from the government's pay.

When the subsidy removal was announced, people rushed out in their numbers to buy enough fuel before the hike in price. With so many queues in almost all the filling stations, people struggled to get fuel for their cars, motorcycles, and generators, but immediately after the price was raised, those filling stations were deserted, with only a few people remaining who could afford to buy at the new rate. People started raising different comments with different negative words about the new government, but I guess he is trying to eradicate and shun the importing of petroleum into Nigeria and develop our local refineries to serve us better.

Image credit is mine

One of Nigeria's businessmen, Aliko Dangote, launched a new refinery in Lagos State, which will start functioning in July. This will be the beginning of a new dawn era in the petroleum industry, and it will also help improve the nation's economy by contributing to the nation's revenue. Nigerians aren't convinced yet whether the subsidy removal is for our good or otherwise, but we can only hope it's for our good and also hope the new government favors Nigeria's economy with all its laid-down plans.

Thanks for your time and your comments will be well appreciated.