Deputy spokesperson of the House of Representatives, Hon Philip Agbese, said fuel subsidy constitutes 50 percent of Nigeria's problems and its removal would usher the country into her glorious era.
The lawmaker assured Nigerians that President Bola Tinubu's removal of fuel subsidy was in their best interest.
He admitted that fuel subsidy has been a part of the nation since the 1970s, with the government routinely selling petrol to citizens at below cost to minimise the impact of rising global oil prices. While acknowledging that President Tinubu's decision to end the subsidy regime has come with hardship, he reckons that Nigerians will celebrate in the long run.
"It is on record that about N40.1 billion is spent daily to subsidize every liter of petrol consumed in Nigeria by at least N600. It means the government spends about N1.24 trillion on fuel subsidies monthly.
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