Subsidy Removal: Nigerians Yet to Benefit Despite Increased Revenue, Laolu Akande Says

SNOW TV NEWS DESK
Former presidential media aide Laolu Akande has criticized the Federal Government and state governors over what he described as the failure of Nigerians to benefit from increased government revenue following the removal of the petrol subsidy.

Akande, a former senior special assistant on media and publicity to ex-vice president Yemi Osinbajo, made the remarks on Thursday during an appearance on Channels Television’s Sunrise Daily.

According to him, although the removal of the petrol subsidy was justified by the need to ease the financial burden on the government, ordinary Nigerians continue to bear the consequences without experiencing corresponding economic relief.

Akande argued that President Bola Tinubu and state governors now have access to increased revenue following the policy, yet the benefits have not translated into meaningful improvements in the lives of citizens.

He said, “Now there is no more subsidy; there is money in the hands of the president and governors, but guess what? The people are not benefiting from the increased revenue.”

The former presidential aide questioned the absence of tangible benefits for Nigerians, particularly amid rising living costs and growing economic hardship.

He maintained that the government must demonstrate how the additional revenue generated from the subsidy removal is being utilized to improve citizens’ welfare.

Akande also expressed concern over what he described as the lack of accountability for individuals allegedly involved in the long-running fuel subsidy fraud.

He argued that Nigerians deserve justice and that those found responsible for exploiting the subsidy system should face the appropriate legal consequences.

“The scam of the subsidy that has happened over the years, which we all agreed is a scam, is that nobody has been called to pay for it. There is still impunity, no consequences, and the poor and common Nigerians are still the ones holding the end of the stick,” he said.

Akande further challenged political parties, including the All Progressives Congress (APC) and opposition parties, to address the issues of accountability, public revenue management, and justice for Nigerians affected by the alleged fraud.

He questioned why the issue had not received sufficient attention from political actors, insisting that the country must move beyond policy announcements and ensure that those responsible for wrongdoing are held accountable.

SNOW TV NEWS EDITORIAL ANALYSIS
The removal of the petrol subsidy was presented as a difficult but necessary decision to reduce government expenditure and free up resources for national development. However, the policy’s success should not be measured solely by how much money the government saves or how much revenue is distributed among the federal, state, and local governments.

The real test is whether Nigerians are experiencing improved living conditions.

With fuel prices, transportation costs, and the prices of essential goods placing pressure on households, governments at every level must demonstrate that the additional resources are being used to improve public services, strengthen social protection, create employment, and provide meaningful relief to vulnerable citizens.

Equally important is accountability. Allegations of subsidy-related fraud must be investigated transparently, and anyone found guilty through due process should face the law, regardless of political affiliation or position.

While subsidy removal alone cannot resolve Nigeria’s economic challenges, it must produce measurable public benefits to sustain citizens’ confidence in government policies.

Our position is clear: Nigerians should not be left to bear the cost of subsidy removal without seeing tangible benefits. Increased public revenue must translate into improved welfare, transparent spending, and accountability. Anything less risks deepening public frustration and undermining trust in government.