JUST-IN: I Used to Pay N270K Per Truck of Animal Feed for My Cows Until the Week Tinubu Was Sworn In – Ex-SGF, Babachir Lawal Reveals

According to a Daily Trust story, former Secretary to the Government of the Federation Engr. Babachir Lawal recently discussed the economic difficulties Nigeria faces in the wake of President Bola Tinubu’s inauguration on May 29, 2023. CONTINUE FULL READING>>>>>

Speaking on Trust TV’s Daily Politics, Lawal emphasized how Tinubu’s policy decisions—particularly the elimination of the fuel subsidy, which was declared on the day of his inauguration—have immediate consequences.

Lawal criticized the timing and execution of the fuel subsidy removal, pointing out that it was implemented before a cabinet or Federal Executive Council had been formed to manage its consequences. This, he argued, led to a significant economic downturn.

The former SGF noted that the increase in transportation costs, driven by the rise in fuel prices, severely impacted both the wealthy and the average citizen. He described the policy as a hasty move that lacked the necessary planning and advisory support, resulting in widespread economic disruption.

Lawal shared his personal experience as a farmer to illustrate the immediate impact. He explained that prior to the policy change, he paid N270,000 per truckload of animal feed. However, within a week of the subsidy removal, transportation costs surged to N1 million per truck, making it financially unfeasible for him to continue purchasing feed.

The former SGF stated, “immediately after that inauguration, Nigeria collapsed. It is like a balloon. Nigeria fell down. It deflated completely. Immediately transportation (fare) tripled. That week! I used to buy animal feed for my cows from Zaria, I used to pay N270,000 per truck. Immediately that week, I couldn’t buy anymore, because transportation alone was going to cost me N1 million.”

Furthermore, Lawal recounted a recent instance where transporting three tractors from Kano would have cost him N3 million, a stark increase from previous rates. He emphasized that such cost hikes were a direct result of the fuel subsidy removal, which he believes caused the economy to “deflate completely.”CONTINUE FULL READING>>>>>