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FUEL SUBSIDY REMOVAL
Nigeria stands at a pivotal crossroads, not just economically, but ideologically. The removal of fuel subsidies in 2023...
Labour Party presidential candidate in the 2023 elections, Peter Obi, has reiterated his stance on fuel subsidy removal and the floating of the Naira, stating that, unlike the current administration, he would have implemented both policies in a more organised and structured manner.
The Presidency has credited President Bola Ahmed Tinubu’s subsidy removal policy with rescuing more than 19 states from the brink of bankruptcy.
Nigeria's Federal Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has assured that the country is on course for economic recovery following President Bola Tinubu's removal of the fuel subsidy, the floating of foreign exchange, and electricity reforms that categorized citizens into bands.
The presidency has revealed that an impressive $7.5 billion is being saved annually from funds previously allocated to fuel subsidy following its removal.
The Nigerian Government has taken several policy decisions in the last 18 months, mainly fuel subsidy removal and floating/unification of the exchange rate, with subsequent dire consequences on the purchasing power and well-being of the people.
A financial expert, Dr. Olutayo Obadina, has said that the government’s floating of the Naira is the cause of the current hardship being faced by Nigerians and not the fuel subsidy removal.
The Ogun State Government is set to launch its Electric Bike Initiative on Wednesday, featuring three battery swap stations in Abeokuta.
Ibrahim Maigari, Chief Executive Officer of Rice Afrika, has attributed the current food inflation in Nigeria to a series of disruptive events from 2020 to 2023, including the COVID-19 pandemic lockdown, currency redesign, and the removal of fuel subsidies by the current administration.
Data from the National Bureau of Statistics reveals that Nigeria spent a staggering N3.5 trillion on fuel imports in the second half of 2023.
The World Bank has said that by 2025, Nigeria should have over N11 trillion saved from fuel subsidy removal.
In the context of the effect on specific sectors, the oil and gas sector still recorded growth amidst the impact of these policies as reflected in their profit before tax, share price YtD gains, and the overall performance of the sector index.