It's becoming increasingly difficult to understand the economic direction of this government.
You say it's not a subsidy, yet you're offering petrol at a discounted rate for 30 days and fixing the price at ₦1,350 per litre. If the government is selling below the prevailing market price, what exactly should Nigerians call it? A subsidy by another name?
Now, let's talk about the reality facing ordinary Nigerians. The minimum wage is ₦70,000 per month. At ₦1,350 per litre, a worker earning the minimum wage can barely afford 52 litres of petrol in an entire month—and that's before spending a single naira on food, rent, transportation, electricity, healthcare, or family responsibilities.
What happens after the 30 days? Will the government extend the discount, or will Nigerians return to the same unbearable reality?
A 30-day discount is not an economic solution; it's temporary relief for a problem that requires sustainable policies.
Nigerians don't need temporary price adjustments designed to make headlines. They need an economy where wages can sustain basic living expenses, transportation is affordable, businesses can survive, and citizens can plan their lives without constantly worrying about the next price increase.
The real question is simple: What is the long-term economic plan for a country where millions of citizens struggle to survive on ₦70,000 a month?
Nigerians deserve answers, not just stupid announcement.
Oyedele: We are introducing price modulation, with a ₦1,350 per litre ceiling that is neither a subsidy nor price control
We are introducing price modulation. Government is negotiating a ceiling of ₦1,350 per litre on the ex-gantry or landing cost of petrol to keep the price stable. When costs rise above the ceiling, refineries and importers will carry the shortfall and recover it later. This is neither a subsidy nor price control.
- Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy