If subsidy has been removed or partially removed multiple times in the past, why does the need to heavily subsidise fuel persist?
Could it be that the idea of subsidy removal is a fraudulent distraction from the real issue of our loss of domestic refining capacity, despite spending millions of dollars on failed turnaround maintenance contracts and our dependence, for the last two-and-a-half decades, on imported petrol?
With the Federal Government being an investor, we are told, in Dangote Refinery, with the revelation by the CBN that it lent tens of billions of naira to the refinery project, and with the previous announcement by NNPC that it will supply about 400,000 barrels of our daily crude production to Dangote Refinery, which should eliminate the costs associated with purchasing and importing overseas petrol, why should fuel not be affordable in Nigeria, even if Mr Dangote adds something on top of his...
Related to the above, why is it that every time the ruling political elites spend, borrow, and steal their ways into fiscal trouble, they try to raise revenue through “subsidy removal”, rather than cutting the perks of public officials and tackling the scandalous waste in the budgeting system of the ministries, departments and agencies of government? Is it because stopping subsidy is the path of least political resistance and leaves intact the equally costly but disguised subsidies extended to...
Is it not the case that if Nigeria continues to import refined fuel and cannot refine its own, the discrepancy between the landing cost of imported fuel and the pump price will resurface intermittently, no matter how many times subsidy is “removed,” as crude prices, shipping costs, and other fluctuating variables in the international economy push the landing cost up or down? Does that not mean that no subsidy “removal” is final, as our history has shown, since unpredictable developments in the...
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 »
Thread of deception: Nigeria's subsidy burden, By Umar YakubuThread of deception: Nigeria’s subsidy burden What if we built more refineries a vision we hold dear to accommodate our growth as population does appear. No longer letting our refineries decay year after year preserving their essence, their value held near. What if the funds earmarked for Turn Around Maintenance were truly utilised not lost […]
Read more »
Subsidy removal divides stakeholders in OsunDays after the inaugural speech of President Bola Ahmed Tinubu during which he announced the suspension of fuel subsidy, diverse reactions have continued
Read more »
Fuel subsidy: Nationwide shutdown looms as inflation bites harderSince President Bola Tinubu announced the abolition of the fuel subsidy regime on Monday, May 29, 2023, the country has been in a state of turmoil as
Read more »
Subsidy: NLC shuns FG meeting, electricity workers back strikeThe Nigeria Labour Congress on Sunday shunned a meeting called by the Federal Government to discuss the subsidy removal and the attendant hike in fuel pump prices across the country.
Read more »
Subsidy: Shelve planned strike, Sanwo-Olu begs NLCThe Governor of Lagos State, Babajide Sanwo-Olu, on Sunday, has appealed to the Nigeria Labour Congress, to shelve its planned nationwide strike protest against fuel subsidy removal.
Read more »