Finance Minister, Mrs. Zainab Ahmed, on Thursday, described the International Monetary Fund’s advice to the Federal Government on the need to remove fuel subsidy as a good advice.
“We are not in a situation to wake up one day and just remove subsidy. We have to educate the people, we have to show Nigerians what the replacement for those subsidies will be. So, we have a lot of work to do. We also need to understand that you don’t remove large amounts of subsidy in one go, it has to be graduated and the public has to be well-informed on what you are trying to do”.
Data from the Debt Management Office showed that Nigeria’s total public debt rose to N24.39 trillion or $79.44 billion as at December 31, 2018 representing a year-on-year growth of 12.25 per cent. The 2018 debt stock is higher than that of 2017 by N2.662 billion.
FinPlanKaluAja These guys purportedly removed fuel subsidy three years ago which jerked the price of the product from N86 to N145. Nigerians should brace up to buy fuel at N200 with this current trend. You get what you asked for when you allow incompetence to thrive.
I thought this government told us subsidy is no more.
What is wrong with this people? Do you want to increase the hardship that has already befallen the people? Are the local refineries working now? Is Dangote refinery producing now? We dont even have stable power supply. Doing this will be putting the cart before the horse.
GEJ is whistling....
No wonder why there is fuel hoarding/scarcity already! Wemen
Removal of fuel subsidy is over due unless we want to continue decieving ourselves because it can not be sustained and it has no positive impact on the masses. It was just an avenue created for some people to siphon money.
We need to stop deceiving ourselves. Fuel subsidy is not sustainable. The earlier we start phasing it out, the better it's for us. However, there should be well thought out plan, as well as accountability on how savings on subsidy will be spent/invested. 25% each to HCI, TAM...
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