Former Secretary to the Government of the Federation, Babachir Lawal, has asserted that Nigeria experienced a collapse following the inauguration of President Bola Tinubu on May 29, 2023. Speaking on Trust TV's Daily Politics, Lawal criticized Tinubu's sudden announcement of fuel subsidy removal on inauguration day, which he believes triggered a severe economic crisis before a cabinet was formed.

Lawal highlighted that the immediate removal of the fuel subsidy caused a significant increase in transportation costs, which is essential for both businesses and the general populace in Nigeria.

He argued that implementing such a drastic policy without having a cabinet or Federal Executive Council in place to manage its repercussions was a critical mistake by Tinubu, resulting in what he described as the collapse of the country.

Reflecting on the situation, Lawal remarked, "On the very day of inauguration, impactful policies were enacted like a cowboy move to remove the subsidy. However, there was no minister of planning to foresee the outcomes, no minister of finance to evaluate the impact, and no federal executive council to approve the measures. There was no one to advise on potential consequences."

Lawal shared his personal experiences as a farmer to illustrate the policy's effects, noting that transportation costs skyrocketed immediately. He recounted, "Before, I paid N270,000 per truck to transport animal feed from Zaria. Following the announcement, the cost jumped to N1 million. Similarly, transporting farm equipment from Kano, which previously was manageable, now costs N3 million for three tractors in a single trailer."

He concluded that the abrupt policy implementation led to widespread economic hardship, significantly inflating costs and effectively deflating the nation's economy.