The Nation Newspaper Subsidy removal – What went wrong?
As of this moment, fuel prices have surged towards the N1000 mark, and the dollar to naira exchange rate has surpassed N1000. Palliative measures appear ineffectively sporadic, while thehas once again assumed its role as the primary fuel importer, with assurances of no imminent fuel price hike. This shift raises questions about the previously advocated market-based pricing approach. Some argue that the removal of subsidies is leading to daily savings in the trillions.
Characterizing subsidy removal as a noble attempt to ‘eat the rich’ obscured the core issues tied to the abrupt announcement by the president. This is fundamentally an economic matter that transcends political rhetoric and calls for a more comprehensive evaluation. Subsidy removal fails in the absence of prudent and accountable management during the transition towards a market-determined pricing system. While the president’s address may have been perceived as sincere and heroic if fuel pricing were solely a domestic concern, the complex truth is that fuel prices are intrinsically linked to international oil prices.
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