Critics Debate Fuel Subsidy Savings and Economic Stability in Nigeria

Human rights lawyer Femi Falana has demanded transparency from the Nigerian government regarding the utilization of increased revenues following President Bola Tinubu's removal of the fuel subsidy. Speaking on Channels Television, Falana questioned why additional funds accruing to federal, state, and local governments have not addressed critical infrastructure, citing a neglected road in Ekiti State despite local government receipts of N5.4 billion between January and May 2026.

Falana urged the government to ban petrol importation and prioritize the 450,000 barrels of crude oil allocated daily for domestic consumption to local refineries. He criticized the International Monetary Fund and World Bank for influencing economic policies, describing the current structure as a brand new colonialist economy. He further argued that subsidy savings have been diverted to debt servicing and currency devaluation rather than public benefit.

Conversely, Sheikh Haliru Maraya warned that restoring the fuel subsidy regime would cripple the economy. Maraya estimated that reinstating the policy would cost approximately N52.3 billion daily, totaling over N19 trillion annually. He cautioned 2027 presidential aspirants against making unrealistic campaign promises to secure votes and urged the government to prioritize the rehabilitation of refineries to increase domestic capacity.