ADC Questions Subsidy Savings as Petrol Price Rises Nearly 500% Under Tinubu
The African Democratic Congress (ADC) has raised serious concerns over the federal government’s claim of savings from fuel subsidy removal, highlighting a sharp rise in petrol prices that Nigerians say has eroded their purchasing power. The party described the increase as unsustainable, noting that under President Bola Tinubu’s administration, the price of petrol has reportedly surged by nearly 500 percent compared to pre-subsidy levels.
Speaking on the issue, ADC officials questioned the transparency of the government’s calculations on subsidy savings. They argued that while the administration claims billions of naira have been saved, ordinary citizens are feeling the full brunt of rising fuel costs, which in turn affects the cost of goods and services across the economy. According to the party, there is a disconnect between the government’s reported savings and the lived experiences of Nigerians who rely on fuel for transportation and business activities.
The increase in petrol prices has sparked public outcry across various states, with commuters and transport operators lamenting the steep costs of fueling vehicles. Market traders also reported significant hikes in transportation costs, which have been passed on to consumers, fueling inflationary pressures in everyday commodities. ADC emphasized that without adequate measures to cushion citizens, the promised benefits of subsidy removal remain largely theoretical.
The party further criticized the government for failing to provide clear information on how the subsidy funds were being utilized or redirected to benefit ordinary Nigerians. ADC called for an independent review of the subsidy program, suggesting that increased accountability and transparency are essential to restore public confidence.
Economic analysts have noted that the subsidy removal was intended to free up government funds for development projects, but the lack of visible benefits and the rapid increase in fuel costs have made it a contentious policy. ADC’s concerns highlight the urgent need for effective communication and measures to mitigate the socio-economic impact of fuel price hikes.
As Nigerians continue to grapple with the financial impact of rising petrol costs, the ADC insists that the government must justify its claims of subsidy savings and implement strategies to ensure that citizens do not bear the disproportionate burden of economic reforms.
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