President Bola Tinubu on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June.


What is fuel subsidy?

Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers (Nigerians). Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth.

The 2023 budget proposed N2.557trn supplementary budget for fuel subsidy.

Here are five benefits of fuel subsidy removal:

1. Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy.

2. The government spends a significant portion of its budget on fuel subsidies, which could be better spent on education, healthcare, infrastructure development, amongst other key sectors.

3. Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s dependence on imported fuel.

4. Availability of domestic refineries will boost the country’s economy

5. Massive creation of jobs for Nigerians.


https://thenationonlineng.net/five-benefits-of-fuel-subsidy-removal/

Please you people should apologize to Good luck... Ebele Jonathan...

The necessary things are not yet in place and you are removing subsidy ?

The subsidy will be removed, the money saved will be looted... In fact, more loot for FG because they won't use it to do what they promised..

Na d poor masses go suffer am.. Well we know the people it will hit most

Subsidy is the only thing average Nigerian is benefiting from the government, yet they want to remove it and swallow the money as usual..

Nigerians will cry !!!

Forget all the jargons you wrote there.Nigerians are not going to benefit in any removal of subsidy.
It is shameful that an OPEC country like Nigeria will be suffering to get the commodity (at a giveaway that God) bury in our backyard.Nigerian politicians award themselves oil blocks and are exporting the commodity abroad.Thereby making trillions of dollars from the black gold while the people suffer.Is that how arab nations who also have oil suffers.?

Rubbish

The media propaganda has began, you can win election by propaganda but definitely you cant rule with that

All these you wrote are all rubbish.
Pure rubbish.
UK and others want more Nigerians to leave to their countries.
They make money from Nigerians coming to their countries.
UK pays unemployed citizens.
UK subsidizes transport for their citizens.
Education is subsidized.
Health care is free.
The only thing I benefit as a Nigerian is cheap energy.
The others I provide.
Our leaders cant handle excess money as exemplified in all oil booms we have had.
We do not want anything from our leaders save cheap energy.

We can't forget how Tinubu and his mumu Apc supporters protested against fuel subsidy removal in 2012.

Shameless people...

IPOB terrorist with their asha.wo wife will not like this

The next lie the will tell us is that infrastructure will come with time and that we should be patient with them, then they will loot the saved subsidy funds and start investing in petroleum refining for their unborn generation.

Breaking News,

Obi supporters are buying fuel at N600 per litre while balablues are buying it at N210 per litre.

Congratulations to all of you....

SamuelOamen:
President Bola Tinubu on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June.


What is fuel subsidy?

Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers (Nigerians). Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth.

The 2023 budget proposed N2.557trn supplementary budget for fuel subsidy.

Here are five benefits of fuel subsidy removal:

1. Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy.

2. The government spends a significant portion of its budget on fuel subsidies, which could be better spent on education, healthcare, infrastructure development, amongst other key sectors.

3. Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s dependence on imported fuel.

4. Availability of domestic refineries will boost the country’s economy

5. Massive creation of jobs for Nigerians.


https://thenationonlineng.net/five-benefits-of-fuel-subsidy-removal/

On paper you are very correct...but in reality, you are wrong...

Do you think corruption will effectively diversify the excess resources to other sectors ?


Removal of Subsidy will create jobs ?

That's on paper...in reality, there is hardship

Even with a stolen mandate, Tinubu can't govern Of course a stolen bread taste like sand in the mouth.

Lyrics269:
IPOB terrorist with their asha.wo wife will not like this

I hope your mandate theif is selling you fuel ⛽ at N50 per liter. Enjoy your temporary President while it lasts.

keymatt:
I hope your mandate theif is selling you fuel ⛽ at N50 per liter. Enjoy your temporary President while it lasts.

Obi nyash will never sit on presidential sit

Funny enough we wont see any of these benefits after removal of subsidy

No wonder Nigerians are running to Ghana. Ghana is like Europe now.