OPINION BY CHINEDU CHIDI: In defence of fuel subsidy in Nigeria | TheCable
This argument is for the people.
The fuel subsidy regime does not exist in isolation. In Nigeria, it is simplistic, even inaccurate, to suggest that petrol subsidy is merely subsidising consumption ; it is subsidising production as well. The Nigerian subsidy story is different.
There is data from the report on how the largely stable price of petrol due to the subsidy regime helps small businesses survive. “These prices make the small petrol generators more attractive to households and MSMEs ”, the report stated. The argument on how competition and market forces would swing prices eventually to the consumer is a curious one too. Swing it to what range? If what has happened with the deregulated diesel and kerosene prices is anything to go by, the petrol price band will for the foreseeable future remain a menacing threat to the people’s standard of living.
It helps to remember that the senate committee on finance had frowned at the N6 trillion tax and import duty waivers proposed by the Nigerian government in the 2023 budget while pushing for wastages and leakages in the nation’s public sector to be blocked.
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