Outrage after Afrinvest boss, Chioke, advises Tinubu to also remove subsidy on electricity

While Nigerians are still dealing with the aftershock of fuel subsidy removal, the Group Managing Director of Afrinvest, Ike Chioke, has advised the Federal Government to also yank off subsidy on electricity to complete its cost-cutting moves.

Chioke made the comment at the Half year investment parley of the investment firm in Lagos on Tuesday.

A report by the Nigerian Electricity Regulatory Commission showed that government spending on electricity subsidy had risen to N2.8tn as of December 2022.

Chioke said that while the removal of the electricity subsidy would push the inflation figures higher, he hoped that the savings made would be put to use to ameliorate the sufferings of poor Nigerians.

He said, “There is still one more subsidy element that the government needs to tackle and that is electricity subsidy. We see that will likely push inflation from 23 per cent up to 24 per cent towards the end of the third quarter of the year before we can then see inflation being reined in. But most of this would depend on the policy direction of the new government.”

Chioke’s comment has sparked outrage on Twitter from Nigerians who thought the suggestion was insensitive.

@prosperray3 said: “70 years old man go just open mouth waaaa.”

@ogkuku2 said: “US, UK, China, Germany&govts the world over subsidize energy to spur economic activities. In Nigeria, it has been established that subsidy is an avenue for corrupt practices. Instead of these loud mouths to prevail on govt to tackle corruption they’ll prefer to finish off the poor.”

@OkpoluaS said: “They remove fuel subsidy, the result is increase in politicians salaries, plus new SUV and renewed furniture for N70 billion. If they remove subsidy in electricity, we should expect new houses for all of them and a trip to the moon.”

@AdeO2B said: “Hmmm even developed countries subsidize a lot of things for their citizens. Ours are claiming they want to cut subsidies to get money while they continue to live flamboyant lifestyles and not cut the cost of governance. No country can survive without subsidies.”

@ChesterAuthur said: “In a country where electricity is not stable, businesses struggle to stay alive cos of unstable power, many people lack access to power, yet someone thinks removing the subsidy on electricity is the best.”