President Bola Tinubu on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June. What is fuel subsidy? Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers (Nigerians). Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth. The 2023 budget proposed N2.557trn supplementary budget for fuel subsidy. Here are five benefits of fuel subsidy removal: 1. Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy. 2. The government spends a significant portion of its budget on fuel subsidies, which could be better spent on education, healthcare, infrastructure development, amongst other key sectors. 3. Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s…
on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June.Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers . Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth.
1. Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy. 2. The government spends a significant portion of its budget on fuel subsidies, which could be better spent on education, healthcare, infrastructure development, amongst other key sectors. 3. Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s dependence on imported fuel.5. Massive creation of jobs for Nigerians.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fuel subsidy and fuel burdenOrdinarily subsidy is a good word. One can imagine some of the synonyms of the word such as assistance, bonus, endowment and financial aid.
Read more »
President Tinubu Meets Falana Over Fuel Subsidy Removal, Economy | Sahara ReportersPresident Bola Tinubu and human rights lawyer, Femi Falana (SAN), have met over the looming strike following the removal of petrol subsidy. It was learnt that Falana, who has represented the Nigeria Labour Congress and its affiliate unions for decades, met with Tinubu at the Presidential Villa on Saturday over how best to handle the situation. The senior advocate was also said to have discussed the war against corruption with Tinubu and how best to recover funds that have been stashed in foreign jurisdictions.
Read more »
My Government Wouldn’t Have Announced Fuel Subsidy Removal Without Palliatives Like Tinubu Did – Atiku Abubakar | Sahara ReportersThe presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has faulted President Bola Tinubu’s approach to fuel subsidy removal without provision for palliative measures. Former President Muhammadu Buhari in 2022 maintained the determination to remove fuel subsidy, hence, there was no provision for fuel subsidy in the 2023 appropriation bill.
Read more »
Fuel Subsidy: NUJ to embark on nationwide strike, protest'Accordingly, CWC directs all State Councils of the Union to mobilise members to withdraw their services and commence protests...
Read more »
Methanol Fuel Technology As AlternativeNigeria may appear to be in quandary at the moment over the management of its oil and gas industry. President Bola Ahmed Tinubu, in his inaugural speech
Read more »
Fuel Subsidy Removal: Stakeholders See Long-term Benefits Despite Initial PainsSubsidies were first introduced in Nigeria in the 1970s as a response to the Oil Price shock of 1973 as the situation of the shock led to a global rise in oil
Read more »