The fuel subsidy is set to take a walk by June 2023.
The new Government is determined to see this through.
In TINUBU’s words
before the election, the president-elect, Bola Tinubu, while speaking at the business luncheon with business owners titled: “Business Forward” in Lagos, hinted that, no matter how long people protest, it would not stop him from removing fuel subsidy.
Tinubu maintained that Nigeria would not continue to subsidise fuel consumption in neighbouring countries.
“How can we subsidise the fuel consumption of Cameroon, Niger, and the Benin Republic. No matter how long you protest, we are going to remove the subsidy,” he said.
Meanwhile no sensible plan has been put in place to help the poverty stricken citizens of the nation.
The IMF will be lending $800 Million to Nigeria to alleviate the pain to be unleashed to Nigerians.
That’s approx $16 per household.
DAILY POST reported that late last year, a report by the Nigeria Bureau of Statistics (NBS) announced that about 133 million Nigerians live in poverty. The figure represents 63 per cent of the country’s population.
This year the electricity situation has gone out of control, bills are sky rocketing and power supply is barely existing.
I am middle class and
I am currently spending N100,000 a week on fuel approx $150 to have basic electricity. I have an inverter many don’t!
Price of petrol is N175 now spending 100 K nearly a week at this rate after the removal it goes to between N460 to N750 per litre and will rise if dollar goes any higher.
This is four to six times the price so you’ll need N400 k a week min approx $600 to survive with continued poor power supply.
Most middle class Nigerians make barely $1000 – $1500 a month.
Do you know what happens when fuel prices sky ticket, every other price sky rockets!
This will undoubtedly be the end for Nigeria should this subsidy plan go through.