Fuel subsidy payment has been on for many years, and the amount keeps on increasing every month and every year without the actual benefits accruing to the targeted population.
After several probing and public hearings in the National Assembly, the business of subsidies keeps on flourishing. The deliberate business of subsidy emerged as a result of the inability of the Federal Government to make the four refineries functional to refine the crude oil locally and stop fuel importation.
Economically, subsidy removal is good news, and it is overdue, but it is happening at the wrong time. Better still, there are things to be done to reduce the negative impacts on the citizens and they will be discussed. The bad thing about this good news is the fact that the necessary mechanisms were not put in place before making such a pronouncement. Fuel queues surfaced at the filling stations immediately after the pronouncement by President Bola Tinubu, during his inauguration speech, when he said, “Subsidy is gone.
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