15% Tariff: Choosing Nigerians Over Monopoly, Tinubu

Mr. President, your choice to put a hold on the 15 percent tax on gasoline and diesel goes beyond a simple policy break. It marks a signific...

Mr. President, your choice to put a hold on the 15 percent tax on gasoline and diesel goes beyond a simple policy break. It marks a significant event. It shows that, for the first time in 26 years of our democratic system, a Nigerian leader has prioritized the citizens rather than a powerful group. You have demonstrated that leadership isn't about yielding to the strongest voices but about supporting those who are most in need. Because of this, Nigerians express their gratitude.

For many years, various governments permitted one individual to influence the cost of crucial products, ranging from sugar to cement and beyond. In each administration, public policy consistently favored monopolies, frequently hidden behind the guise of "local content protection."

During prior leaderships, trade restrictions transformed cement into a profitable asset for a select few, while Nigerians faced the consequences. For more than twenty years, this trend persisted, masked by patriotic language but ultimately benefiting limited interests. Although there was initial opposition, it eventually gave way, and the monopoly remained strong and was always supported.

This is the background that has led us to this point. A past in which regular Nigerians paid more while specific groups controlled key industries. A history in which the drive for competition was seen as a bother. A history in which national resources were used to strengthen private interests.

Mr. President, that is why your choice is notable. It disrupts a trend that has kept the economy in check for many years.

Nigerians saw on television as an official referred to you as a boxer, causing the country to feel embarrassed. He characterized your appearance as that of a boxer and claimed you were prepared to fight rather than pay attention to the struggles of Nigerians. Nigerians are pleased to recognize that, deep within the government, there is a president who prioritizes the people rather than being influenced by drama. You demonstrated that listening to Nigerians is not a sign of weakness, but rather a strength.

But, Mr. President, we are confident that the critics are not finished. They are already exerting great effort to mislead, using incorrect data and partial understandings of the Petroleum Industry Act. They aim to return this tariff to your desk. They seek to convince you to entrust the entire fuel market to one private refinery under the pretense of "cost recovery." They want to persuade you that Nigerians should bear the burden now so that one investor can achieve profitability tomorrow.

Sir, experts have raised a straightforward yet essential question. What occurs if this refinery, which is currently not meeting national demand, abruptly stops functioning before the upcoming election period? What if problems related to maintenance emerge?

What occurs if prices are raised without limits? The full responsibility will rest with your government.

Nigerians won't hold the refinery responsible. They'll point fingers at the government. Your government. Why should the future of a country rest with just one individual? Why should the cost of fuel, the pulse of our whole economy, rely on a single provider?

This goes beyond being risky. It is hazardous.

Mr. President, no nation can ensure its future in this manner. Not when we haven't even achieved a confirmed local refining capacity of 60 percent, let alone 80 percent. Not when the only dependable option is importing. Not when policy errors can lead to nationwide shortages in an instant.

This refinery represented a courageous investment. It is destined to succeed and generate profits. However, it is not necessary for it to achieve profitability by exploiting the poor within a single year. It is a long-term endeavor. Allow it to develop at a reasonable rate. Encourage competition. Permit impoverished Nigerians to have a better quality of life.

This is why your decision to suspend the tariff holds such significance. It marks the first instance where a President has recognized the immense political and economic power of Africa's wealthiest individual and understood where true authority resides. The major portion of the burden remains on your side, not his. For the first time, the populace has a President who is ready to declare: No, not at the expense of Nigerians.

Sir, the people are relying on you. The economy is in your hands. Millions of families who have faced years of struggle are hoping you remain steadfast.

Nigeria should not be turned into a company town. Not within our democracy. Not in this era. Not during your leadership.

We are supporting you, Mr. President. We are praying for your well-being. And we appreciate your decision to favor Nigerians over monopolies.

May God bless you. May God bless the Federal Republic of Nigeria.

• Rotimi Matthew, a legal professional and expert in policy and governance, contributes from Abuja.

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