The Nigerian economy may have gone from having a ‘bad day’ to slumping into full blown crisis. On Wednesday, despite the efforts by the government to blame unknown “sponsors” for the tailspin in the economy, president Bola Tinubu’s decision to remove subsidy on petrol during his inaugural speech on May 29, 2023, yielded one of its most feared consequences as the pump price of petrol rose to ₦1000 per litre in the black market in some parts of the country.
The recent industrial actions by tanker drivers have left many petrol stations across Lagos state and Ogun state closed. The few ones that are open have seen long queues, as demand is beginning to exceed supply. This has led to the intervention of local suppliers who have raised the black market price to 1000 Naira per litre, as opposed to the 650 Naira being sold by retailers.
Should this fuel scarcity trend continue, it will further worsen the already unbearable hardship in the nation. The effect is a spiral, where prices of transportation will go up, affecting the prices of food and other commodities, making life unbearable for the common man.
What is the way forward? How can the economy get back on track? Where did we everything go wrong? These are the questions the leaders of this nation will be asking themselves as things begin to spiral out of control. The country is not suffering from scarcity; it is suffering from inflation and individuals who are ruthlessly exploiting the situation to enhance profit and enrich themselves.
