With the prices of fuel dancing around ₦615 per liter in today's Nigeria, the reminision of the good ol' days, when late former President Umaru Musa Yar'Adua sucessfully reduced fuel price to ₦65 per liter, have become airborne.
When President Umaru Musa Yar'Adua assumed office in Nigeria in 2007, one of the key challenges his administration faced was the rising cost of living, including the soaring price of fuel.
In response to public outcry and to alleviate the burden on ordinary Nigerians, Yar'Adua's government took a significant step to reduce the price of fuel.
To reduce the fuel price, President Yar'Adua's government embarked on a subsidy program, where the government provided financial support to oil marketers, allowing them to sell petroleum products, including petrol, at a reduced rate. This subsidy effectively lowered the price of fuel for consumers.
Under this initiative, the government reduced the pump price of petrol from around ₦75 per litre to ₦65 per litre in June 2007. The move was welcomed by the Nigerian populace, as it provided some relief from the high cost of transportation and goods, which were directly impacted by fuel prices.
The reduction in fuel price was part of the government's efforts to fulfill its campaign promises and to address the economic challenges faced by ordinary citizens.
However, the subsidy program also came with its own set of challenges, including issues related to corruption, mismanagement, and the sustainability of the subsidy system, which continued to be a topic of debate and discussion in subsequent years.
Fast forward back to present day, the Nigerian government has successfully written off the subsidy scheme, causing a lot of price-pain to the finances of Nigerians; but with hope that this pain will make for a brighter future for Nigeria's economy.