By Editorial Board
Over the years, neo-liberal politicians have regaled the country with tales of an economic utopia when subsidy on fuel is removed. However, the difference between the reality of the subsidy removal and the economic utopia painted by these politicians is wider than the ocean. Of interest is the excruciating pain this policy has imposed, spiking food inflation to an all-time high.
The tale before the eventual removal of the subsidy was that funds saved from the process would be used to fund education and infrastructure development. The reverse has so far been the case. Several federal universities have increased tuition fees by 100 per cent despite the Federal government’s claims that its schools remain tuition free. Last week, The federal government increased tuition fees in unity schools by 122 percent while it has equally imposed other taxes on the populace.
The federal government removed all forms of pretence to the claim that education and critical infrastructure would receive a huge funding boost when the subsidy is removed. In mid-July, the Senate passed amendments to the N819.500 billion 2022 supplementary budget. In passing that amended supplementary budget, the Senate approved N500 billion for palliatives and other capital expenditures to cushion the effect of the recent subsidy removal policy.
Breaking it down further, N185,236,937,815 was approved for the Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the six geopolitical zones. However, the severe flooding affected North East, North Central, South East and South-South geopolitical zones. Also, the sum of N19,200,000,000 was approved by the Federal Ministry of Agriculture to ease the massive destruction to farmlands across the country during the severe flooding experienced last year. While the sum of N35 billion was approved for the National Judicial Council, N10 billion to the Federal Capital Territory Administration for critical projects, while the National Assembly got N70 billion to support the working conditions of new members in the Assembly but nothing for the educational sector, which is the most critical aspect of Nigeria’s national life.
Suppose the neo-liberalists make it a policy to reduce government influence in key areas and allow market forces to be the critical determinant. What would it do with the revenues? The core objective of education is to produce FUNCTIONAL MEMBERS of society. Governments all over the globe allocate a better part of their budget to education because the impacts cannot be quantified. Nigeria is dogged down by massive insecurity and poverty. The middle class has almost been wiped out. Defunding education by the Tinubu-led regime will lead to more chaos and disorder.
