ELECTION CONSEQUENCES

By-Adejide

08 April 2024

Lagos

Election Consequences

Shortly after he was sworn in on Monday 29th May, 2023 as the President of Nigeria, Chief Bola Ahmed Tinubu didn’t hesitate to announce the removal of ‘oil subsidy’ to cheer the crowd in his support before leaving the podium. Noises of jubilation spread across the nation and parties were held to celebrate a new Nigeria.

What is Subsidy?

Subsidy is a sum of money granted by a state or a public body to help an industry or business keep the price of a commodity or service low. Nigeria have been relying on ‘oil subsidy’ for almost 50 years dated back as far as 1970’s before the new president tagged the removal as  “a necessary sacrifice”. This decision divided a lot of opinions among citizens as critics were vindicated with the surge in price of capital and consumable goods.

The rate of dollar to naira continued rising rapidly from N300/$1 to N1800/$1 as everyone watches the economy struggle and continue loses its steam, Dr.Yusus Datti Baba Ahmed, an opposition aspirant remarked “this is the fastest election consequences I have ever seen since I was born. It took only eight months for everything to crumble”, following the controversy surrounding the last election which made-believe he was rigged to win.

Uproar ensued following this development with hunger protest, Nigeria Labour Congress (NLC) threat of industrial action and looting of consumable goods became a national trend. Citizens angrily call for Bola’s head as he’s fondly called and he’s regarded as a very wicked leader who made living unbearable for many. The life of a common citizen became miserable within a short time and many gave up to suicide although the rate decreased to N1300/$1 but it was way too little to save them.

Meanwhile, a renowned journalist in Nigeria ,Mr Oseni Rufai,  went on to criticize ‘oil subsidy’ removal as a rush and rash decision due to failure to analyse the causes and its effects after removal, so that necessary measures would have been taken, to curtail, its aftermath.

He also advised the government to invest more in production to strengthen the value of naira. He insisted local production will widen our market for exportation thereby creating job opportunities as well as national income for our nation. This will reduce dependence on importation in foreign exchange market and there will be balance of trade and payment to bolster Nigeria’s economy. Many argued that the President has reversed his decision and returned ‘oil subsidy’ which led to a sudden fall in the value but whether the naira can retain this strength is left to be seen.

End

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