Why Nigerians oppose subsidy removal – Moghalu

A former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu has claimed that Nigerians are opposed to subsidy removal because they fear it would be stolen by corrupt government officials.

He gave the assertion on Wednesday in a post via his verified Twitter handle.

Recall that controversies are trailing the federal government’s planned removal of subsidy by June this year.

However, Moghalu said the government should have a clear plan on how savings from subsidy removal would be used for the benefit of citizens and the economy.

He said, “A vast majority of Nigerians are opposed to subsidy removal, despite the overwhelming economic arguments against it.

“The key to solving this problem is a transparent demonstration that savings from removing the subsidy will not be stolen by corrupt government officials, a clear plan for how these savings will be used for the benefit of citizens and the economy, and a plan to address subsidy removal’s inflationary impact.

“People really believe they are entitled to cheap petrol (“cheap” petrol is increasingly a myth, but the subsidy cabals, some of who exist in places that will surprise you, are feeding off the citizens’ (well deserved) lack of trust in the government.”