JUST IN;NIGERIA AND THE FUEL SUBSIDY QUAGMIRE A CALL TO SUBSIDISE THE INEFFICIENCIES OF GOVERNMENT
Nigeria is on the match again , along well with double-trodden paths fuel hike price and new electricity 66% increase tariff. All show and no real substance. Thankfully,
The recent pronouncement of the government intentions to increase fuel pump price and electricity bill when Nation are being swallow up by corona virus pandemic and and Nigeria is gradually regaining freedom of movement because of the small HERO called covid-19 .
The fuel subsidy early 2012 elicited many responses as such many prominents well respected Nigeria gang up to ensure it remain at N65, Nigeria, in recent times, have seen the price of fuel increase several times. From N 95 they are now being primed to pay N 167 above. per litre of petrol while electricity increased to 66 tarriff and there are no quarantine that before 2023 they will not be put through the same macabre dance, which leaves most Nigerias poorer and very few with more billions in their private bank account,
Again. Assuming the government position is true , that this fiscal policy measure will save over 1 Million NigeriaMS yearly and facilitate development , one is still a loss as to what happened to such previous savings Years .
Sadly, and due to poor record keeping , it would be quite a task to ascertain by how much Nigerians have been impoverished from previous subsidy removals. One does not need to be a Noble prize Winner economist to know that living standards will deep lower, consequent upon the higher inflation and unemployment which which will spike beyond the Present 65% . I can not but agree with the Venerable Balarabe Musa that Nigerians are being made, time and again , to subsidise the inefficiencies of government.
If our government and privately owned refineries were working optimally, would we still be matching along this path of decade on?
God bless Nigeria.
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