Nigerians took to the streets once again, rallying against the escalating fuel prices and the deepening economic hardship brought about by the removal of the fuel subsidy. The protest, spearheaded by Abdullahi Bilal and his “two million march against the oil scam squad,” highlights the growing frustration among citizens.

The origins of these protests lie in the controversial removal of the fuel subsidy on May 29, 2023, following President Tinubu’s declaration that “fuel subsidy is gone.” While there was consensus that the subsidy was a financial burden on the country, the sudden removal has left citizens grappling with an economic crisis.

Before the subsidy was removed, fuel prices were pegged at N198 per litre, but now the cost has skyrocketed to over N1200 per litre across much of the country. The increase has had a ripple effect, impacting everything from transportation to daily essentials. In Nigeria, where fuel is a critical component of almost every sector, the price hike has led to a sharp rise in transportation costs, burdening workers, farmers, and business owners alike.

Farmers, for instance, rely on fuel to transport goods to market, a task made difficult by the absence of a reliable rail system. Artisans, too, such as barbers and tailors, depend on fuel-powered equipment, adding to their operational costs due to unreliable electricity supply.

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The result is a widespread strain across all socioeconomic groups. Workers and students face higher commuting costs, while traders and farmers see the prices of goods and services soar. Ultimately, it is the average Nigerian who bears the brunt of these hikes, facing both the direct impact of rising fuel prices and the indirect effect on nearly every aspect of daily life.

While the government has expressed the need for fuel subsidy removal as part of a broader economic reset, many Nigerians feel the process has been mishandled. The lack of immediate alternatives, such as functional refineries, has exacerbated the crisis. Nigeria’s four refineries remain largely inactive, forcing the country to rely on fuel imports, which drive up prices and drain foreign reserves.

Experts argue that to alleviate the pressure on citizens, the government must prioritize the rehabilitation of its refineries or consider selling them to capable investors. The introduction of a robust local refinery like Dangote Refinery could offer a solution, as it would reduce dependency on costly imports. If the Dangote Refinery were to function optimally, fuel prices could potentially be brought down to N500 per litre, providing significant relief to the Nigerian populace.

Until these long-term solutions are implemented, many suggest a temporary subsidy reinstatement. This would help ease the immediate suffering of the people, especially as other nations also provide subsidies to protect their citizens from economic shocks.

If the government does not take action soon, experts warn that protests could intensify and potentially lead to a breakdown of law and order. The ongoing unrest signals a critical moment for the government to act in the best interests of its citizens to prevent further economic and social instability.