"The fuel subsidy is back," former Nigerian President Olusegun Obasanjo reveals.

Former President Olusegun Obasanjo has disclosed that the fuel subsidy, removed by the Federal Government in 2023, has been reintroduced because of rising inflation.

In a recent interview with the Financial Times, Obasanjo criticized the government's approach to removing the subsidy. He argued that the government should have implemented preparatory measures before making such a significant decision.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” Obasanjo stated.

President Bola Tinubu had announced the removal of the fuel subsidy during his inaugural address on May 29, 2023. This decision led to a significant increase in petrol prices, rising from about N200 to over N600 per litre.