Tag
FUEL SUBSIDY
News and analysis about fuel subsidy
Nigeria imported 12.3 million metric tons of Premium Motor Spirit (PMS), otherwise known as petrol in the first seven months of 2022...
Peter Obi, the Presidential candidate for the Labour Party has stated that he would remove fuel subsidy if elected president of Nigeria in 2023.
The South African government has announced it will in August, end a temporary fuel subsidy programme it started in April.
Data from the NNPC revealed that the total amount spent as subsidy on petrol, and on refinery rehabilitation between January and May this year was N1.301trillion.
NEITI has stated that the removal of fuel subsidy will free Nigeria from economic bondage and also be of advantage to the poor majority.
The country is at a crossroads, and we believe the subject of subsidy will be the starting point for the incoming administration.
The shortcomings of the NNPC do not only affect the corporation but the country as millions of dollars are unaccounted for and lost, which impacts hugely on Nigeria's GDP.
Nigeria needs to look inwards to address its lingering fuel subsidy crisis issues, and illegal refineries might supposedly be an answer.
While the removal of subsidies is a critical free-market reform, if done now, it will cause untold hardship for the average Nigerian.
The CIBN has urged the Federal Government to remove subsidies, deregulate the economy fully and ensure there are modular refineries.
The World Bank stated that Nigeria’s failure to remove fuel subsidies will lead to opportunity costs in the areas of health, education and infrastructure.
Nigeria could be subsidizing fuel for neighboring West African states.