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.
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
Podcasting with Beginners
For this episode, We are discussing podcasting in general. The pros and cons, and most especially, the requirements to begin. In discussing the requirement to start up a project, you must first deliberate on the approach, the intention, the idea, and the purpose.
Hence, we are highlighting several motivations, telling stories that will ignite your interest, discuss physical attributes.
Podcasting is easy and fun if you start with the right mind and motivation. It’s a project that grows with time and you have to be ready to nurture her.
Host Speaker: The Radio Apprentice