Domino effect of Petrol Subsidy removal on Food, income Insecurity

On May 29, 2023, Nigerian President Bola Tinubu announced, in his inaugural speech, the removal of the decade-long subsidy on petroleum products. The new president cited deficit budgetary concerns as the basis of his decision and echoed his desire to channel the funds towards public infrastructure and improving the lives of the Nigerian people.

However, his declaration of fuel subsidy removal has evoked a debilitating effect on citizens through the steep rise in inflation nationwide. The sudden and complete fuel subsidy removal further perpetuates poverty and food insecurity in Nigeria. The Nigerian government must establish adequate corrective measures to mitigate the effects of fuel subsidy removal. These corrective measures must include increasing agricultural investment and transportation subsidies to minimise the impact on food security. In addition, establishing safety nets like subsidised education and healthcare services for low-income citizens is necessary to bridge the widening income inequality in the country……..

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