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Amount Enough To Buy 20,000 Mass Transit Buses, 26,000 Transformers, Others
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Economy May Collapse If Palliatives Are Not Provided Now – Transparency Group
The federal government can build critical infrastructure from the N400 billion it has so far saved in one month following the removal of fuel subsidy, findings by Daily Trust on Sunday have shown.
President Bola Ahmed Tinubu had, during his inaugural speech on May 29, announced the removal of fuel subsidies, which means that market forces would determine the prices of petroleum products in the country.
The removal immediately increased the price of petrol from N195 to N540 per litre. Proponents of subsidy removal said the action would free funds for other critical interventions in education, health, agriculture, roads, and transport, among others.
They argued that Nigeria spent over N4 trillion on petrol subsidies in 2022.
Daily Trust on Sunday reports that the increase in petrol prices has already led to a hike in the prices of goods. Worst affected are foodstuff and transportation.
However, over a month after the removal of subsidy, the federal government is yet to roll out palliatives to cushion the effect of the removal.
