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RR | Citizen’s response to the removal of fuel subsidy

todayJune 14, 2023 229

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The fuel subsidy in Nigeria is a controversial policy that has been in place for decades. It involves the government paying the difference between the international price of petrol and the fixed price for consumers, which was selling at 200 – 250 naira per litre before the inauguration of the current president of Nigeria. The subsidy was meant to reduce the cost of living for Nigerians, but it also consumes a large portion of the government’s budget and encourages corruption and smuggling.

Discussing the citizens response to the removal of fuel subsidy in Nigeria

President Bola Tinubu announced an immediate scrapping of the subsidy in his inaugural speech on May 29, 2023, saying that it was “gone” and that the funds would be redirected to infrastructure and social welfare. However, this decision sparked panic and confusion among Nigerians, increased hardship worst than ever experienced.

The removal of the subsidy is expected to have a significant impact on the economy and the society of Nigeria, as fuel prices affect almost every aspect of life. While some experts and analysts support the reform as a necessary step to improve fiscal management and efficiency, others warn of the negative consequences for the poor and the vulnerable, who rely on cheap fuel for their livelihoods. The government has not yet provided a clear timeline or a comprehensive plan for implementing the policy or mitigating its effects. The policy also faces strong opposition from various interest groups, such as marketers, unions and civil society, who have previously protested against similar attempts by previous administrations.

Written by: Studio Pen

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