igerians Have Gained Nothing From Fuel Subsidy Removal, Govt's Borrowings - Kenneth Okonkwo

Kenneth Okonkwo Decries Fuel Subsidy Removal and Government Borrowings

In a candid and impassioned critique aired on Channels Television’s “Political Paradigm,” veteran Nollywood actor and political figure Kenneth Okonkwo voiced his deep dissatisfaction with the economic policies of President Bola Tinubu’s administration, particularly the removal of fuel subsidy and the government’s borrowing practices.

As a chieftain of the African Democratic Congress (ADC) and a seasoned legal practitioner, Okonkwo’s remarks were both pointed and reflective of widespread public sentiment.

During the interview, Okonkwo dismissed President Tinubu’s Independence Day speech as lacking substance and sincerity. He claimed that many Nigerians, including himself, did not anticipate the address with any enthusiasm, describing it as “propaganda” rather than a meaningful communication from the nation’s leader. According to Okonkwo, the speech failed to resonate because it did not address the real struggles of ordinary citizens.

Central to his criticism was the assertion that Nigerians have not benefited from the removal of fuel subsidy. He challenged the government’s narrative that the policy shift was yielding positive results. “The president said Nigerians are benefitting from the subsidy removal. That’s a lie,” Okonkwo declared. He illustrated the economic burden by comparing fuel prices before and after the subsidy removal, noting that he used to pay ₦195 per litre but now pays ₦1,000 for the same product. This, he argued, is a stark indicator of the policy’s failure to alleviate hardship.

Okonkwo also condemned the government’s borrowing practices, suggesting that they have compounded the nation’s economic woes rather than providing relief. He lamented that despite increased financial inflows from subsidy savings and loans, there has been no visible improvement in infrastructure, public services, or the quality of life for Nigerians. Instead, he alleged that the funds have been mismanaged or diverted, leaving citizens to bear the brunt of inflation and poverty.

His remarks align with broader concerns raised by civil society groups such as the Socio-Economic Rights and Accountability Project (SERAP), which recently demanded transparency from state governors and the Federal Capital Territory Minister regarding the estimated ₦14 trillion in fuel subsidy savings. SERAP warned that the lack of accountability and visible impact from these funds risks deepening public distrust and exacerbating poverty across the country.

Kenneth Okonkwo’s critique serves as a powerful reflection of the growing frustration among Nigerians who feel sidelined by economic policies that promise progress but deliver pain. His call for truth, transparency, and people-centered governance underscores the urgent need for reforms that genuinely prioritize the welfare of the populace.