The newly sworn-in president emphasised that the subsidy was no longer sustainable during his inaugural speech. As a result, most filling stations in Awka were closed, and the few that remained open were selling petrol at prices ranging from N620 to N635 per litre.
Long queues of vehicles were also observed at independent filling stations, while major marketers chose to keep their outlets closed.
The development has raised concerns among security experts and the public. Damian Okeke-Ogene, the national vice president of Ohanaeze Ndigbo Worldwide, expressed his dismay, stating that the removal of the subsidy would worsen the plight of the masses.
He highlighted the need for the government to clearly communicate the benefits and possibilities of the subsidy removal to the public.
Okeke-Ogene pointed out previous opposition to subsidy removal, particularly during President Goodluck Jonathan's administration, and questioned the rush to implement it now. He urged President Tinubu to have plans in place to mitigate the potential hardships resulting from this action.
The announcement of the subsidy removal was met with criticism from various quarters. Fabian Chima, a trader, described it as a grave mistake by the new president. He drew attention to the negative impact of the naira redesign, which had made life unbearable for many Nigerians.
Chima questioned how the masses would cope with the increased pump price of fuel resulting from the subsidy removal. Ugochukwu Okeke, a private fuel station operator, expressed hope that the new government would create a business-friendly environment that would prevent excessive price hikes.
He emphasised that fuel dealers wanted to contribute to the well-being of the people and not strangle their own businesses.
The removal of fuel subsidies has sparked a nationwide debate on its implications. While proponents argue that it will address the issue of fraud associated with the subsidy, opponents express concerns about the immediate burden it places on the populace.
The increase in petrol prices will have a ripple effect on transportation costs, food prices, and overall inflation. Many Nigerians, particularly low-income earners, will feel the impact of this policy change.
The removal of fuel subsidies is expected to have far-reaching consequences for the Nigerian economy. It is seen as a step toward deregulating the petroleum industry and encouraging private sector participation.
However, the government must take proactive measures to cushion the effects of this transition on the masses. This includes investing in infrastructure, improving public transportation, and implementing social welfare programs to support vulnerable populations.
President Tinubu's administration must also prioritise transparency and accountability in the management of funds saved from the subsidy removal. The public expects clear and tangible benefits from this policy shift, including improved social services, job creation, and infrastructure development.
The government must ensure that the savings are effectively channelled into initiatives that will enhance the overall well-being of the Nigerian people.
As the fuel subsidy removal takes effect, it is crucial for the government to engage stakeholders, including civil society organisations, labour unions, and economic experts, in constructive dialogue.
This will enable the formulation of comprehensive policies that address the concerns and challenges associated with this major policy shift. Collaborative efforts are needed to navigate the transitional phase and ensure that the Nigerian populace is not unduly burdened by the increase in fuel prices.