OPINION BY MICHEAL BUNUJU: Musings on subsidy removal | TheCable
When subsidy on premium motor spirit started in Nigeria in the 1970s as a response to the oil shock of 1973, the idea was to cushion the rising global oil prices. This was done by a military government that is considered less people-oriented when compared to democracy. Petrol subsidy existed from the 1970s seamlessly as the cost was negligible compared to how it affected the well-being of the ordinary Nigerian.
Subsidy is not evil, as some might want us to believe, but its implementation. How can we say we don’t have accurate data on petrol consumption in Nigeria? Subsidy costs took a quantum leap from less than N700 billion per annum under President Goodluck Jonathan to almost N6 trillion under President Muhammadu Buhari. This is astronomical. What happened?
This courage was wrongly channelled to the helpless citizens of Nigeria instead of the authorities in charge of managing the subsidy regime.
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