Do you know that there are many benefits that can come from the removal of fuel subsidy?
As you already know, fuel subsidy is gone and this is the statement of the new president, Bola Ahmed Tinubu.
Before now the marketers of the Premium Motor Spirit (PMS) also known as petrol have been generating huge profit from the subsidy system operational in Nigeria.
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Some Nigerians think they are trying to ensure that the fuel subsidy removal plan does not take effect.
One thing they are dong is that they are hoarding and hiking fuel pump price.
Marketers Use Scare Tactics
Marketers and analysts alike have said that “the country will experience higher cost of petrol when subsidy is removed”.
Others say “the fuel subsidy removal plan will lead to increase in transport fares, higher cost of living and increased cost of goods and services”.
Indeed, all of these are the troubles that could come from this decision since the price of petrol could hit 500 Naira or above.
But one thing is sure either this government or another will have to remove subsidy for Nigeria to move on.
While this troubles spring up, there are some things that Nigerians can benefits from fuel subsidy removal.
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Benefits Of Fuel Subsidy Removal
- Nigeria will no longer experience long queues at fuel stations while trying to purchase fuel.
- Fuel subsidy removal will also reduce traffic jam on the roads.
- Slow but steady economic growth will begin to take place in Nigeria.
- This will mean that fuel is readily available to citizens of Nigeria at all times.
- With fuel subsidy removed, fuel diversion by marketers who profit hugely from the illegal ventures, will end
- As the economy begins to grow, inflation will disappear and Nigerians can begin to manage their money.
- You will become more prudent with money.
These are some of the great immediate benefits of fuel subsidy removal that Nigerians are not seeing yet.
