Abuja — President Bola Ahmed Tinubu’s oil and gas reforms have reportedly generated ₦12.25 trillion in revenue within two years, following the removal of fuel subsidies and the full deregulation of the downstream petroleum sector.
While government officials hail the policy as a bold economic reform, many Nigerians are questioning how the revenue gains are being utilized, as fuel prices have skyrocketed from around ₦200 per litre in 2023 to over ₦870 in some parts of the country.
The Nigerian National Petroleum Company Limited (NNPCL) and the Federal Ministry of Finance recently highlighted that the subsidy removal has saved trillions of naira that were previously spent on import payments and opaque subsidy schemes. Officials argue that the reform is intended to stabilize public finances, attract private investment in refineries, and promote energy sector transparency.
However, citizens and economic analysts are increasingly skeptical.
“We keep hearing about trillions saved, but Nigerians are not seeing the benefit. Prices are up, inflation is high, and there’s no visible improvement in our economy,” said one resident in Lagos.
Critics say the revenue windfall has not translated into improved living standards, as the cost of transportation, food, and electricity has surged, pushing millions further into poverty.
“If the government truly saved ₦12.25 trillion, where is the money? Why are ordinary Nigerians still suffering?” a social commentator asked during a live broadcast on VOP TV.
Economic experts warn that without clear evidence of reinvestment in infrastructure, job creation, or social welfare, the public will continue to view the subsidy removal as a burden rather than a reform.
“Reform without redistribution is meaningless,” said one analyst. “The government must show tangible results — roads, power, schools, and healthcare — to justify the sacrifice citizens are making.”
As debates intensify, Nigerians continue to demand transparency and accountability on how the ₦12.25 trillion savings are being managed — and when the impact will finally reach the people.
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