Omoyele Sowore, the presidential candidate of the African Action Congress (AAC), has accused the Nigerian Federal Government of covertly paying fuel subsidies while publicly maintaining that the policy has been completely abolished. Speaking during a live appearance on Arise Television’s ‘Morning Show’ on Tuesday, the prominent human rights activist alleged that the administration is misleading the public regarding the true state of the country’s economic interventions.
According to Sowore, the federal government’s financial interventions extend beyond petroleum products. He asserted that the national currency, the naira, is also being quietly subsidized to maintain a specific exchange rate against the United States dollar.
The Illusion of Subsidy Removal
Sowore challenged the government’s transparency, arguing that subsidies are a standard economic practice globally and should not be shrouded in secrecy. He criticized the decision to deny their existence, questioning why the administration continues to hide these critical financial operations from the Nigerian people.
“They are still paying subsidies. They just changed the name,” Sowore stated, pointing out that the current administration is secretly subsidizing both petrol and the national currency to prevent a total economic collapse. “The reason the naira is at a certain rate to $1 is because it’s been quietly and secretly subsidized. But the big question is: why lie about subsidies?”
Corporate Welfare vs. Citizen Support
The AAC leader further contended that the wealthiest segments of Nigerian society benefit far more from government interventions than the impoverished masses. He highlighted tax exemptions and customs waivers granted to major importers as forms of high-end subsidies that dwarf any relief previously provided to ordinary citizens at the fuel pump.
- Unequal Distribution: Elite business owners receive massive customs waivers, while poor citizens lose minor fuel price relief.
- Currency Depreciation: The premature declaration of subsidy removal triggered a direct crash in the value of the naira.
- Escalating Poverty: The sudden policy shift has rapidly increased cost of living expenses across the country.
Sowore concluded by emphasizing that the abrupt announcement of the subsidy removal has severely damaged the domestic economy, resulting in unprecedented inflation and a weakened naira, without delivering the promised fiscal stability.