NARTO Credits Naira Stability to Fuel Subsidy Removal and Refining Growth
In a recent Channels Television interview, NARTO credits Nigeria's naira stability to the Federal Government's 2023 fuel subsidy removal and growth in domestic refining capacity, which reduced foreign exchange pressure from fuel imports. Yusuf Othman, NARTO's National President, stated this during the broadcast, noting that while Nigerians feel the pain at the pump—where fuel jumped from about ₦200 to ₦1,300 per litre—the naira has remained stable for an extended period.
This assessment comes amid ongoing debate: opposition politicians demand subsidy reinstatement, blaming the policy for rising inflation and cost of living, while the government insists there's no reversal, arguing the policy has boosted revenue for infrastructure development. Human rights lawyer Femi Falana added that since all tiers of government now have more money on paper, Nigerians should demand accountability from their leaders. The issue also features in 2027 election platforms, with ADC's Atiku Abubakar promising to return the subsidy if elected, whereas NDC's Peter Obi advocates for judicious use of the funds.
For citizens, the key question remains: does the macroeconomic stability from subsidy removal justify the persistent high fuel costs affecting daily expenses and transportation budgets? As the 2027 polls approach, voters must evaluate whether leaders are effectively allocating the increased revenue from this policy toward tangible improvements in infrastructure and public services.