Newly sworn-in Nigerian President, Asiwaju Bola Ahmed Tinubu, in his inauguration speech, announced that the Federal Government can no longer continue subsidizing fuel, citing fuel theft to the neighbouring countries, among others as the reason for the subsidy removal.
Following the removal of subsidy that has led to a hike in fuel pump prices, many Nigerians have been wondering what would be the benefits if the whole country could be subjected to such a hardship that petrol is now being sold for as much as 500 nairas per litre.
What are the benefits of subsidy removal?
However, National Orientation Agency (NOA) has come out to highlight the benefits of subsidy removal. They listed these to include:
• It will put a stop to the corruption around the subsidy regime which has made some individuals stupendously rich without industry.
• It will free up the humongous amounts paid out as subsidy for enhanced growth in critical sectors of National development
• It will put a stop to the challenge of smuggling of Nigeria PMS to neighboring countries.
• It will solve the problem of perennial fuel scarcity and the attendant hardship on citizens
KickSubsidyOut #SaveTheEconomy
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