For years, Nigeria’s two most critical federal institutions—the NNPC and the CBN—were run aground. Instead of being national assets, they became liabilities.
The NNPC was neck-deep in petrol subsidies, while the CBN poured resources into dollar subsidies. The result was economic chaos. Nigeria, once rich in resources, became a country borrowing to pay salaries while simultaneously depleting its foreign reserves.
At one point, the absurdity peaked—NNPC claimed that Nigeria itself owed it money instead of remitting funds. The situation was so dire that the country had to borrow from the IMF just to pay off subsidy debts to its own oil company. Nigeria was on the brink of an irreversible crash.
A Leader’s Boldness
Then came President Bola Ahmed Tinubu. On his inauguration day, his speechwriters had carefully avoided any mention of subsidy removal. They were cautious—afraid even. After all, Nigeria had seen it all: military generals, powerful princes, and political heavyweights. None of them had dared to confront the subsidy monster.
But Tinubu read the moment differently. He saw the emptiness of a speech without courage, and he knew that once he left Eagle Square for Aso Villa, he would be surrounded by the same cartel of fuel importers and foreign exchange manipulators that had crippled the economy for decades. If he didn’t act immediately, Nigeria’s future would be sealed.
And so, in a historic moment, Tinubu departed from the prepared script and thundered from Eagle Square:
“Subsidy is gone!”
“There will be unification of FX!”
More Than Politics
That wasn’t Tinubu the politician speaking—it was Tinubu the leader, the Jagaban, rising to the occasion. With those few words, he struck at the heart of Nigeria’s economic cancer and signaled a bold new beginning on his very first day in office.
History will not remember that moment as mere political rhetoric. It will remember it as the day a leader chose courage over caution, and action over fear.
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