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Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has expressed his belief that Nigerians are against the removal of fuel subsidy due to their fear that corrupt government officials will steal the savings.
In a tweet from his verified Twitter account, Moghalu stated that the government needs to have a clear plan on how the savings from subsidy removal will be used for the benefit of citizens and the economy.
He also emphasized the need to address the inflationary impact of subsidy removal.
Moghalu believes that the key to solving this problem is to demonstrate transparency and gain the trust of the citizens.
Despite the economic arguments against subsidy, he acknowledges that many Nigerians still feel entitled to cheap petrol and lack trust in the government due to the existence of subsidy cabals.
The federal government’s planned removal of subsidy by June this year has sparked controversy.
