By Olu Fasan
Subsidy is gone. Subsidy is
back. Oh no, it isn’t. Oh yes, it is. Such is the confusion that now dogs the
fuel subsidy. On May 29, Bola Tinubu veered from his inauguration speech and
blurted out: “Subsidy is gone”. With that diktat, market forces would dictate
petrol price. Soon after, the price tripled from N197/litre to N620/litre,
fuelling a surge in food and transport costs. However, surreptitiously, some
subsidy seems to have returned to stop the soaring price of fuel. But the
Tinubu administration denies any intervention.

Yet, market operators are
adamant. In a recent interview, Festus Osifo, National President of the
Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, said
“the government is still paying subsidies on petroleum”. Mele Kyari, Group
Chief Executive Officer of the Nigerian National Petroleum company limited,
NNPCL, issued a rebuttal: “There’s no subsidy whatsoever.” But John Kekeocha,
National Secretary of the Independent Petroleum Marketers Association of Nigeria,
IPMAN, said the government “is still spending billions to subsidise fuel,”
adding: “I don’t know why they keep peddling lies.”