No Matter How long you protest, we are Going to Remove the fuel Subsidy – Tinubu
No Matter How long you protest, we are Going to Remove The fuel Subsidy -Tinubu
No Matter How Long You Protest, We Are Going To Remove The Fuel Subsidy” – Tinubu
NgdailynewsDec 23, 2022Read original
“No Matter How Long You Protest, We Are Going To Remove The Fuel Subsidy” – Tinubu
By pamela okemiri
The presidential candidate of the All Progressive Congress (APC), Asiwaju Bola Ahmed Tinubu, has promised to remove the subsidy on fuel, if elected as the next president of Nigeria, as per a report via Daily Post.
The former Lagos state governor, made the disclosure at a luncheon with business owners in Lagos on Thursday.
He stated: “How can we subsidize the fuel consumption of Cameroon, Niger, Benin Republic? No matter how long you protest, we are going to remove the fuel subsidy.”
The APC candidate stated that he will take bold steps in addressing the current situation of the country and turn the economy around.
He also promised to tackle the security situation bedeviling the country, so as to allow entrepreneurs have an enabling environment for businesses to thrive.
What is the Fuel Subsidy Nigerian Government Is Paying?
In Nigeria, the government has historically provided subsidies on fuel to help keep the price of gasoline and other fuels affordable for consumers.
These subsidies were intended to help reduce the burden of high fuel prices on the general population and stimulate economic activity. However, fuel subsidies can be expensive for the government to maintain, and they have been a source of controversy in Nigeria.
In recent years, the Nigerian government has been working to reform its fuel subsidy program, including by reducing the amount of subsidies it provides and targeting them more effectively to those who need them most.
Some of the specific measures that have been implemented as part of these reforms include:
1. Introduction of a new fuel pricing system : In 2016, the Nigerian government introduced a new pricing system for fuel that was intended to be more transparent and responsive to market conditions. The new system is based on the “floating” price of fuel, which means that the price of fuel is allowed to fluctuate based on market forces such as supply and demand.
2. Reduction of fuel subsidies : As part of its fuel subsidy reform efforts, the Nigerian government has also reduced the amount of subsidies it provides on fuel. In 2018, for example, the government announced that it would no longer subsidize the price of kerosene, a fuel that is commonly used for cooking and lighting in Nigeria.
3. Targeting of subsidies to those in need : In an effort to make the fuel subsidy program more targeted and effective, the Nigerian government has also introduced measures to ensure that subsidies are targeted to those who need them most. For example, in 2018, the government announced that it would provide subsidies on fuel only to those who are registered with the National Social Register, a database of poor and vulnerable households in Nigeria.
It’s worth noting that fuel subsidies in Nigeria have faced criticism from some quarters, with some arguing that they are not sustainable in the long term and that they can contribute to corruption and mismanagement. However, others argue that fuel subsidies are necessary to help protect the most vulnerable members of society from the impact of high fuel prices.