OPINION BY BABAJIDE FADOJU: Talking frankly on petrol subsidy removal | TheCable
Now that subsidy is gone, what is the plan? Subsidies play a significant role in shaping economic policies in many countries, including Nigeria. Subsidies are government incentives that aim to support specific industries or sectors by reducing the cost of goods or services.
Due to several imports, the subsidy on petrol has to be removed. For one the federal government cannot afford the subsidy payment anymore.Advertisement The removal of subsidies can promote economic efficiency by allowing market forces to determine prices and allocate resources more effectively. When subsidies are removed, the cost of living may increase, posing challenges for vulnerable segments of society.
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