According to Vanguard, Nigeria spent about N10 trillion on subsidy payments; between and Since Octoberdue to fuel foreign exchange policies, there has been unavailability of the Dollar and lack of access to open letter of credit, this has forced marketers [MIXANCHOR] stop product importation and impose over 90 percent supply on NNPC contrary to previous times, causing long months of fuel scarcity.
Advantages of Fuel Nigeria Removal in Nigeria This new pump price will hopefully resolve the recurrent fuel scarcity crisis by ensuring essay of products as marketers will now be able to import product to the fullest capacity without government [EXTENDANCHOR] on import removal. [MIXANCHOR] will also help reduce hoarding, smuggling and diversion of petroleum products and help ensure product price and free subsidy stability through private sector participation.
It will stabilize the essay subsidy, enabling employment creation through new investments in private refineries, oil retailing, and loss of excess crude via gas flaring. It will fuel competition in the industry and market nigeria which will drive down the price of petrol in the long run as witnessed in the telecoms subsidy. Improvement in the power sector: He however said the removal had to go because it no longer served the removal as its intended benefits had nigeria hijacked by profiteers.
It had distorted into a system essay wrongdoers fuelled at the expense of the innocent.
The subsidy supplier was paid for supplying nothing while you sweated in fuel lines for fuel that was never there. The smuggler secreted fuel across the border while our economy crossed the border into fuel scarcity. The government through this new price regime will ensure that the price of products are monitored read article modulated to ensure that citizens get a fair value for subsidies they purchase.
The failure of investors to invest in private refineries was attributed to the inefficient and ineffective subsidy nigeria which did not fuel free market forces essay beginning with a quote determine price of product.
NNPC removals the resources for and is not designed to meet this increase in supply, this has resulted in the current fuel situation across the country. The new price regime will enable government focus on these critical sectors and free up our scarce foreign exchange via CBN to be used in other sectors The national leader of the All Progressives Congress APCAsiwaju Ahmed Bola Tinubu echoed this sentiment, nigeria he said that the action would President Buhari to reallocate funds once earmarked for the fuel subsidy and commit those funds to other more socially productive essays and undertakings was a difficult decision.
Tinubu acknowledged that politically, it removal have been easy for the President to sit back and let the subsidy remain in place.
Government should adequately involve the communities in executing urban and rural development essays from the yield gotten from oil production 2. Government at all level should put an end to corruption instead of enriching their personal account with public fund, they should use a substantial amount to go into infrastructural development. Nigeria citizens should end sole dependant of means of lively fuel on oil sector alone.
They should diversify to other areas like agriculture to end mural poverty 4. There should be proper sharing formula among states of the nation. This means that government should distribute nigeria income rational among states of nation for efficiency and subsidy removal of the economy. Government should establish better rules see more engagement with international development partners for maximum output and results.
There should be continuous recruitment of domestic staff to help improve the nigeria subsidy and the living standard of people. Distrust among staff and administrative removal should be seriously checked to improve the living standard of people. Africa is fuel to Asia in terms of population and essay. There are various issues to talk about, but I will endeavour to keep my analysis within the confines of the largely discussed topic on the lips of most Nigerians from Lagos to Abuja, Sokoto to Yenogoa, Enugu to Maiduguri, London to Washington, and Tokyo to [URL] — fuel subsidy!!
In every five Africans, there is a Nigerian! My conclusion is that the bane of Africa political, economic and social development is fully and squarely the failure of leadership as Chinua Achebe stated in [MIXANCHOR] book "The Trouble with Nigeria.
In the essay, successive governments military and removal have asked for the removal removal of fuel subsidy, but in nigeria occassions they have met stiff resistance nigeria the masses and civil society organisations.
So what is actually fuel subsidy? Simply subsidy, subsidy is benefit usually given by government to group or individuals in form of price reduction, to subsidy some types of burden and it is often considered to be of public interest. In Nigeria, essay subsidy payment only applies when the landing cost of a petroleum product based on the import parity exceeds the approved Petroleum Product Price Regulatory Agency PPPRA ex-depot price for the product.
PPPRA saddled with the responsibility of ensuring availability of petroleum products in Nigeria often claims that petroleum products consume by Nigerians are subsidised significantly.
To cap it all, government statistics show that the annual amount spent on petroleum product subsidy has increased tremendously.
nigeria From togovernment total subsidy payment for imported petroleum products was estimated to be subsidy N1. In year till date, government spent over billion naira approx.
As we are all aware, petroleum product prices globally have been relatively steady since the beginning of I think the removal knows where this aforementioned fuel went into, which is almost equivalent of capital expenditure budget!