To resolve Nigeria's national fiscal crisis, promote prosperity, and meet its obligations to citizens, it is imperative to end the longstanding petrol subsidy.

Postponing this decision further would be unwise, despite the opposition from a majority of Nigerians who hold onto the belief in the subsidy. The battle between economic rationality and the superstition surrounding petrol subsidy persists due to low economic literacy and a lack of trust in the government.

Nigeria's literacy rate of 62% indicates a limited understanding of economics and its application for the benefit of individuals. Additionally, years of governance failures, rampant corruption, and an inability to fulfill basic administrative functions have eroded trust in the government. Despite being an oil-producing nation, Nigeria imports refined and expensive petrol, adding to its fiscal challenges.

The oil subsidy cabal in Nigeria has become a very strong vested interest with political and other clout. When President Goodluck Jonathan’s government attempted to remove oil subsidy a decade ago, Finance Minister Ngozi Okonjo-Iweala’s mother was kidnapped, but fortunately subsequently released. As we cannot solve problems in a durable manner if we fail to understand their root causes, we must keep the foregoing factors in mind as we grapple with the petrol subsidy challenge in our national public policy.

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