‘Fuel subsidy was a lie’ — Agomuo blames corruption for Nigeria’s economic crisis

Political analyst, Darlington Agomuo, has accused successive Nigerian governments of using the fuel subsidy debate to conceal what he described as widespread corruption and mismanagement of public resources.

Mr Agomuo made the allegation on Monday, during VOP This Morning’s programme on Voice of the People TV, arguing that Nigeria’s economic crisis was caused primarily by systemic corruption rather than the cost of fuel subsidies.

According to him, the narrative that fuel subsidy was responsible for Nigeria’s economic difficulties was used as a convenient explanation for the country’s financial problems.

“Nigeria was broke because of corruption, not subsidy. The narrative that fuel subsidy was draining the lifeblood of our economy is a convenient lie designed to shield those who looted our commonwealth from accountability.”

‘You cannot punish Nigerians for elite corruption’

Mr Agomuo criticised the Federal Government’s decision to remove petrol subsidy, arguing that the policy has transferred the burden of economic adjustment to ordinary Nigerians while corruption in public institutions remains largely unresolved.

He said the removal of subsidy has contributed to increased hardship through higher transportation and living costs, while Nigerians are yet to see sufficient accountability for alleged mismanagement of public resources.

“You cannot punish the masses for the criminality of a few elites. They told Nigerians that removing the subsidy would save our economy, but today the poverty has multiplied while the corruption channels remain wide open. It is a fundamental betrayal of public trust.”

His comments come amid continuing debate over the economic consequences of subsidy removal. Supporters of the policy maintain that the subsidy placed a heavy burden on public finances, while critics argue that the resulting increase in petrol prices has worsened the cost-of-living crisis.

Subsidy removal remains politically divisive

The subsidy debate has remained one of the most contentious economic issues in Nigeria, particularly since President Bola Tinubu announced its removal in May 2023.

While the Federal Government has defended the reform as necessary to reduce fiscal pressure and redirect resources towards development, critics have continued to question whether the savings have translated into meaningful improvements in Nigerians’ living conditions.

Mr Agomuo argued that economic reforms cannot succeed if they are not accompanied by serious action against corruption.

Agomuo weighs in on Obi, Bishop Kawas controversy

The analyst also addressed political controversies surrounding former Labour Party presidential candidate Peter Obi, particularly allegations and counterclaims concerning campaign financing.

He referenced comments by Northern cleric Bishop Kawas, who reportedly denied receiving financial backing from Obi.

Mr Agomuo linked the issue to recent political endorsements ahead of the 2027 general elections, including the endorsement of President Tinubu by a Northern Igbo coalition.

He described some of the emerging political alliances and endorsements as driven more by elite interests than ideology.

“When you see groups suddenly organizing press conferences to endorse leaders amidst suffocating hardship, follow the money. Bishop Kawas clearing the air on Peter Obi highlights the level of political blackmail deployed to discredit credible opposition ahead of 2027.”

The comments come as political parties and politicians increasingly position themselves ahead of the 2027 presidential election, with the economy, cost of living and fuel pricing expected to remain major campaign issues.

The debate over subsidy has also been revived by opposition figures proposing different approaches to petrol pricing. Former Vice President Mr Atiku Abubakar, for instance, has recently advocated a form of subsidy intervention, while critics argue that returning to the policy would recreate the fiscal problems associated with the former system.

For Nigerians, the central question remains whether economic reforms can deliver lower living costs and improved public services while the government also tackles corruption and strengthens accountability.