Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), asserted that the reason Nigerians oppose the removal of subsidies is because they believe corrupt government officials will steal the money.
On Wednesday, he made the claim in a post on his verified Twitter account.
Keep in mind that controversy is following the federal government’s intention to end the subsidy by June of this year.
However, Moghalu argued that the government should have a clear plan for how the money saved from the removal of subsidies would be applied to benefiting the populace 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.”