Subsidy Removal in Nigeria: Ezekwesili Slams Tinubu Over ‘Good Policy, Wrong Execution’
Byline: Economy Desk, IDNN
Subsidy Removal in Nigeria Under Fire
Former Education Minister and World Bank Vice President Oby Ezekwesili has declared that President Bola Tinubu’s removal of fuel subsidy was “a good reform done the wrong way.”
She delivered the criticism during a panel session at the Nigerian Bar Association (NBA) conference in Enugu, noting that the government’s failure to prepare or provide safety nets has worsened Nigeria’s inflation crisis.
“Inflation punishes the poor so hard. Subsidy removal in Nigeria was a sound reform, but it was executed wrongly and left millions in penury,” Ezekwesili said.
Economic Pain Without Safety Nets
Ezekwesili argued that instead of careful transition planning, the administration opted for a shock announcement — “Subsidy is gone” — which immediately spiked transport costs and food prices.
“Defending the current administration’s policies has become Herculean,” she said, adding that many Nigerians now face “a depth of poverty that is unacceptable in a nation so resource-rich.”
She urged the government to channel resources into production, research, and governance reform.
Calls for R&D and Governance Reform
Interior Minister Olubunmi Tunji Ojo, also speaking at the conference, underscored the link between research and economic growth. He pointed out that four of the world’s five biggest economies are also top spenders on research and development.
“A nation that fails to invest in research cannot grow beyond its research,” Ojo stressed. He noted that Nigeria spent 96.3 percent of its 2022 revenue servicing debt, leaving little for investment in capital projects.
Conference participants also raised concerns over judicial independence, linking the rule of law to investor confidence and sustainable economic growth.
Tinubu’s Economic Gamble
Analysts argue that while subsidy removal in Nigeria was long overdue, its rushed execution has eroded public confidence. The move has triggered inflationary pressure, with food inflation topping record highs in mid-2025.
Ezekwesili warned that until Nigeria reforms governance structures and prioritises productive spending, poverty will continue to spiral.
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