Gone too soon?⛽💰
#155: Nigerians have to adapt to a new life without fuel subsidies. But are they ready?
Hello Venturer,
We’re almost halfway through the year! Now, I know that may be good or bad news for you at the moment, depending on how close you are to your goals. If you fall in the latter category, this is probably one of those moments you wish you could be a child again, with no single care for targets, deadlines and responsibilities. We know it won’t happen, but it’s nice to dream regardless.
Speaking of dreaming and being a child, let’s imagine a scenario. Imagine that you were a child who could, for several years, always walk into a nearby retail store and pay out of pocket for your favourite brand of chocolate cookies. Then one day, the store’s attendant smiles at you and says: “I’m sorry dear, your parents have stopped paying for this cookie. If you still want it, you’ll have to pay full price.” Then you hear that the full price is three times what you’ve been paying. And that’s the moment you realise you could only afford these cookies because your parents had paid most of the cost. Now, your favourite cookie is no longer within reach until you can afford to pay the full price.
What would be your reaction? How would you feel? Sad? Angry? Numb? Mixed feelings? Everything all at once? Whatever your answer is, that’s exactly how the average Nigerian feels right now. Since Nigeria’s new president, Bola Tinubu, declared an end to petrol subsidies, citizens are struggling to adapt to this new reality.
Is this fuel subsidy gone too soon? If not, how will Nigeria ride this new tide? We don’t know. What we know for sure is that fuel subsidies are gone, and this time, more likely for good.
Oluwatosin Ogunjuyigbe
Staff Writer, Ventures Africa
What’s new?
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Holiday Jollof
Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. Click to read.
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