‘Tinubu removed fuel subsidy, floated Naira against dollar, then went to sleep’ – Analyst

A financial analyst, Kalu Aja, has highlighted what he described as the major problem with President Bola Ahmed Tinubu’s economic reforms.

In a post on his X account on Saturday, Aja said the removal of the fuel subsidy and the floating of the naira against the dollar in 2023 were good reforms.

He, however, said the major problem with the Tinubu administration’s reforms was that the government took the decisions and then “went to sleep” without providing adequate palliatives.

“The FGN reforms are good. It was expedient to remove subsidy on Premium Motor Spirit and Dollar. The problem is they removed subsidy then went to sleep, no palliatives, no cushion,” he said.

Recall that in May and June 2023, Tinubu’s government removed the fuel subsidy and floated the naira against the dollar.

DAILY POST reports that the two policies have continued to have spillover effects on Nigerians and the country’s economy.

Currently, the price of petrol stands between N1,300 and N1,335 per litre, while the exchange rate is about N1,368 per dollar, compared to N238 per litre for petrol and N464 per dollar in May 2023.