June 12: Tinubu’s Bold Subsidy Removal and Nigeria’s Lost Opportunity

On Democracy Day, I reflected on President Tinubu’s bold first move. He inherited an economy weakened by years of mismanagement. Only a few ministries, like Transportation and Works, had delivered results. He declared an end to fuel subsidy and later confirmed its total removal. That decision unlocked trillions of naira in savings. The Dangote refinery also helped stabilize the naira. Yet most of these funds never reached small businesses. They were diverted into large road contracts and a handful of capital projects. Coastal roads and the Sokoto–Badagry highway grabbed headlines instead of broad economic relief. I believe those resources should have supported SMEs for at least two years. Now the finance minister must redirect funds into real recovery. Strong currency defence and targeted funding can still set Nigeria on an upward trajectory.

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