Two years after President Tinubu announced the removal of the petrol subsidy in his inaugural speech, Nigeria continues to face widespread hardship.
The move immediately worsened socioeconomic conditions, driving up the cost of living.
Described as a “fraud” Nigeria could no longer sustain, the subsidy was seen as ineffective despite consuming billions of dollars.
Its removal was expected to free up revenue for development. Indeed, since 2023, subnational governments reportedly received between two to three trillion naira more through the latter part of 2023 and the 2024 fiscal year.
In the Southwest, no state received less than 90 billion naira from federal allocations in 2024, with Lagos earning significantly more.
Yet, two years on, hardship persists nationwide, including in the Southwest. Citizens continue to lament insecurity and what many describe as harsh economic policies, saying there’s “nothing to write home about” and “nobody is enjoying this government.”
It is seen as disheartening that the country remains in this “limbo,” even as political discussions for 2027 begin.
Southwest governors have introduced some measures to ease the burden using increased revenue.
Lagos State, for example, was reportedly the first to implement the federal government’s 35,000 naira wage award.
The state also announced free medical care for expectant women, covering both normal deliveries and C-sections.
Following the subsidy removal, Lagos reduced transportation fares by 50%, later extending a 25% cut to private public transport.
Other states in the region also made interventions. However, questions remain about whether these social investments match the scale of available funds.
While some states have invested in mass transit buses, critics argue far more could have been done.