Youth Party Opposes Subsidy Removal without Social Safety Net – THISDAYLIVE

Nigeria News News

Youth Party Opposes Subsidy Removal without Social Safety Net – THISDAYLIVE
Nigeria Latest News,Nigeria Headlines
  • 📰 THISDAY LIVE
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

Wale Igbintade The Youth Party (YP) has expressed its opposition to the removal of fuel subsidy without any form of social safety net to cushion the impact and protect the

The Youth Party has expressed its opposition to the removal of fuel subsidy without any form of social safety net to cushion the impact and protect the poor in the country.

The statement also urged the federal government to partner the public transport and interest groups like the Nigerian Labour Congress and the National Union of Road Transport Workers to ensure that the removal of fuel subsidy does not affect the poor. “Most importantly, we believe that subsidy on fuel should be gradually removed within a space of six months to one year to mitigate the impact on the poor.

The party in a statement issued at the weekend by its National Publicity Secretary, Ayodele Adio, stated that subsidy on fuel ought to have been gradually removed within a space of six months to one year to mitigate the impact on the poor. It added that Nigeria cannot justify spending less than a trillion on education and health respectively last year, but spent over N4trillion on fuel subsidies.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

THISDAY LIVE /  🏆 14. in NG

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.

Five benefits of fuel subsidy removalFive benefits of fuel subsidy removalPresident Bola Tinubu on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June.    What is fuel subsidy?   Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers (Nigerians). Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth.   The 2023 budget proposed N2.557trn supplementary budget for fuel subsidy.   Here are five benefits of fuel subsidy removal:   1. Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy. 2. The government spends a significant portion of its budget on fuel subsidies, which could be better spent on education, healthcare, infrastructure development, amongst other key sectors. 3. Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s…
Read more »

Subsidy Removal: Your first executive decision a misfire - Atiku's aide blasts TinubuSubsidy Removal: Your first executive decision a misfire - Atiku's aide blasts TinubuAn aide to Atiku Abubakar, the 2023 Peoples Democratic Party, PDP, presidential candidate, Daniel Bwala, has described President Bola Tinubu's first
Read more »

Rising unemployment and inflation: Fallouts of subsidy removal, By Omojo WadaRising unemployment and inflation: Fallouts of subsidy removal, By Omojo WadaWith the elimination of subsidy, providers of vital products are now confronted with the new problem of deteriorating infrastructure.
Read more »

Fuel Subsidy and the plight of the common man in Nigeria, By Gidado ShuaibFuel Subsidy and the plight of the common man in Nigeria, By Gidado ShuaibKyari said the NNPC made the petrol subsidy payments from its cash flow, noting that the government has been unable to pay back so far.
Read more »

Sudden Subsidy Removal Insensitive To Masses’ Plight - HURIWASudden Subsidy Removal Insensitive To Masses’ Plight - HURIWACivil rights advocacy group, Human Rights Writers Association of Nigeria (HURIWA), on Monday, flawed the new administration of President Bola Tinubu over the
Read more »

'Minimum wage increase, tax exemption' — PwC advises FG on petrol subsidy removal palliatives | TheCable'Minimum wage increase, tax exemption' — PwC advises FG on petrol subsidy removal palliatives | TheCablePricewaterhouseCoopers, one of the big four consulting firms in the world, has identified post-subsidy palliatives that the federal government can utilise to mitigate the effect of petrol subsidy removal
Read more »



Render Time: 2025-03-23 20:23:21