Five benefits of fuel subsidy removal - Thepodiummedia

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Post published:May 30, 2023
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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:

Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy.
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.
Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s dependence on imported fuel.
Availability of domestic refineries will boost the country’s economy
Massive creation of jobs for Nigerians.

Source: The Nation

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Morak Babajide-Alabi is a graduate of Mass Communication with a Master of Arts Degree in Journalism from Napier University, Edinburgh, United Kingdom. He is an experienced Social Media practitioner with a strong passion for connecting with customers of brands.

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He had a successful media practice at The Guardian, Punch and This Day.

He started his brand management career at Owena Bank as Media Relations Manager before joining Prudent Bank (now Polaris Bank) as the pioneer Head of Corporate Affairs.

The British Council appointed him as Head of Communication and Marketing to co-ordinate branding and reputation management activities at its Lagos, Abuja, Kano and Port Harcourt offices.

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