President Bola Tinubu of Nigeria, during his Democracy Day speech on Monday, called for “sacrifices” in exchange for future investment.
President Tinubu in the speech said “I have painfully asked you, my compatriots, to sacrifice a little more for the survival of our country. For your trust and faith in us, I assure you that your sacrifice will not be in vain.”
“The government I lead will repay you with massive investments in transport infrastructure, education, regular electricity supply, healthcare and other public services,” he added.
The call for sacrifice is in wake of the removal of subsidy on petroleum products in Africa’s largest oil producer, making a liter of petrol increase from 190 naira (41 cents) to around 540 naira (1.17 dollars), a development that has led to mixed reactions across board and threats of industrial action by organised labour.
Some observers have argued that the hike in petrol price will put financial stress on the majority of Nigerians who depend on cheap petrol to power their businesses, as well as transportation, based on the poor state of public transit systems in the country.
The state-owned Nigerian National Petroleum Corporation (NNPC) operates four refineries: two in Port Harcourt (PHRC), one each in Kaduna (KRPC), and Warri (WRPC). Despite several investments to revive the refineries, none of them has operated at full capacity for years.
Although Nigeria in its current fourth republic transitioned into democratic reign on May 29, 1999, the June 12 date which is now chosen as Nigeria’s National Democracy Day is in honour of the abortion, by military fiat, of the decisive victory of Chief Moshood Abiola who ran under the defunct Social Democratic Party (SDP) in the June 12, 1993 presidential election, an election widely adjudged to be the best in Nigeria’s history.