Economist Criticizes Nigeria's Petrol Subsidy Abolition Policy

Dr. Samson Simon, chief economist at ARKK Economics & Data Limited, criticized the economic policy failures in Nigeria following the abolition of the petrol subsidy. Simon stated that the policy has not delivered promised improvements in public services or living standards. He noted that rising costs in transport, farming, and manufacturing have increased food prices and worsened pressure on households.

Simon argued that higher Federation Account allocations reflect naira depreciation rather than genuine expansion of government resources. He asserted that poorer citizens are facing the greatest hardship, contradicting claims that only wealthy Nigerians benefited from the previous subsidy system.