Removal of fuel subsidy will benefit the ordinary Nigerians

In 2020, Nigeria’s fuel subsidy cost the country more than 8 billion dollars, and it is expected to be higher in 2021 because the country hasn’t set a viable plan that will transfer the money to other sustainable needs. The total amount paid for fuel subsidy does not even take into account the country’s losses due to market alterations as a result of the subsidy. If Nigeria’s government can implement transparent and concise reforms, the funds from the fuel subsidy program could be put to greater use.

Nigeria is one of the world’s largest oil producers. However, the country’s mineral resources have not yielded any critical enhancement in the quality of life for the majority of Nigerian citizens – 54 percent live below the poverty line. In 2010, Nigeria received 59 billion dollars from oil exports. So, the country does not lack the resources to reach its development goals. Instead, its resources have been utilised inefficiently…..

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