FAREWELL TO FUEL SUBSIDY: Nigeria's bold move to transform its economy and increase transparency.
The removal of fuel subsidy in Nigeria has been a topic of heated debate for many years, with arguments for and against it. The Nigerian government has been spending billions of dollars every year on subsidies in a bid to sustain the fixed price of fuel, which they sell to Nigerians below the actual market price. Despite the good intention behind the fuel subsidy policy, it has proven to be unsustainable and detrimental to the economy. The subsidy has been bedeviled with corruption, inefficiencies, and fraud, which has cost the country billions of dollars over the years. Therefore, removing fuel subsidy in Nigeria would be a wise move. The faithful idea behind fuel subsidy is a government initiative that seeks to cushion the effects of volatile oil prices on Nigerians and ensure that they have access to affordable fuel. With this policy in place, the Nigerian government has been able to subsidize the cost of fuel, thereby selling it below the market price, and directly brin...