Relief Loans for Nigerians

Since the removal of fuel subsidy earlier this year, things have changed drastically for many Nigerians. “The fuel subsidy is gone,” said Bola Tinubu, Nigeria President, in his inaugural address on 29 May 2023.

He further says:

The subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead rechannel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.

The president’s pronouncement prompted a spike in the pump price of petrol from about ₦780 a gallon (approximately $1) to ₦2160 a gallon ($2.80), driving up the overall cost of living in the country.

Organized labour threatened a nationwide strike if the government failed to reverse itself as former president Goodluck Jonathan did in 2012, when he tried to end subsidies. But after negotiations with the Tinubu administration, the unions reneged on their threat.

To provide a lasting relief for Nigerians, many private organisations have started providing funds for Nigerians to serve as palliative.

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