On July 20, the final day of the annual Dive Out With Olorungbotemi Bright (DOWOB) event, financial expert Dare Adeoye delivered a lecture focused on navigating Nigeria’s subsidy removal. The event, which marks the birthday anniversary of Olorungbotemi Bright, Publisher of Voice Air Media, provided participants with crucial insights into managing the economic challenges posed by the policy shift.
In his lecture titled “Financial Management Amid Subsidy Removal,” Adeoye highlighted that subsidies, intended to make essential goods more affordable, have often disproportionately benefited the wealthy in Nigeria. He noted that the richest 20% of Nigerians consume 75% of the country’s petroleum, while the poorest 20% consume just 1%. He also pointed out the nearly N22 trillion spent by the government on fuel and electricity subsidies between 2005 and 2023, emphasizing the unsustainable financial burden.
To help Nigerians cope with the removal of subsidies, Adeoye outlined several strategies:
1. Reduce reliance on petrol-powered generators by investing in alternative energy sources.
2. Use public transportation and carpooling to lower fuel costs.
3. Plan trips efficiently to minimize fuel usage.
4. Adopt energy-saving practices at home.
5. Adjust budgets and spending habits to prioritize essentials.
6. Explore side hustles and remote work opportunities.
7. Engage in advocacy for policies promoting renewable energy.
8. Use bicycles or walking for short distances to save costs and improve health.
Adeoye concluded by encouraging resilience and creativity, offering participants practical tools to navigate the rising costs of living amid the subsidy removal.