Tinubu subsidy removal, fuel pricing executed wrongly – Ezekwesili
The former Minister of Education, Oby Ezekwesili, referred to the elimination of the petrol subsidy as an important policy that was implemented inadequately.She expressed her views on Monday during the 2025 Nigerian Bar Association general conference held in Enugu State.
The ex-minister condemned the reform, arguing it was executed without sufficient preparation and branding President Bola Tinubu’s statement that the “subsidy is gone” as an instance of “braggadocio.”
“As has been said, the subsidy distorted production factors for us as a nation,” she stated.
“Realigning those prices was essential, but doing it inappropriately resulted in the kind of distortive impact that led to the rapid inflation we see now.”
Ezekwesili pointed out that while it is crucial to adjust production factors through suitable pricing, the reforms were carried out in a manner that “missed the boat.”
“The second issue involved the pricing of petroleum. It is generally advised that liberalizing and establishing market pricing for such a commodity must occur appropriately; otherwise, it distorts the economy.
“However, what should typically happen is that one prepares adequately for such a reform. There was no preparation for this reform.
“As a result, we found ourselves in a scenario where a sound reform was enacted poorly, signaling to every other economic decision that citizens needed to make, resulting in the inflationary situation we've encountered,” Ezekwesili remarked.
She cautioned that the circumstances are severe, emphasizing that inflation disproportionately affects the most vulnerable members of society.
“When training in economic policy, it is absolutely vital to prepare for reforms. I believe there was an element of braggadocio behind the entire declaration that the ‘subsidy is gone,’” Ezekwesili concluded.
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