An employee stands next to a fuel pump at a fuel station. PHOTO: REUTERS/ADNAN ABIDI
• Records show how previous price hikes have worsened inflation, unemployment
• Fuel subsidy removal endangers survival of million households
Available statistics from economists indicate that the planned removal of the Premium Motor Spirit (PMS) subsidy will put the survival of millions of households in the balance.
Over the years, the Federal Government has repeatedly argued that the social scheme benefits a few wealthy marketers, who have cashed in on the weak distribution monitoring system to rip the government off at the expense of the common good, alongside the super rich with fleet of cars in their garages.
Government’s regular refrain has been that wealthy Nigerians, not the poor, benefit from fuel subsidy. This was recently reiterated by the Minister of State for Budget and National Planning, Clem Agba.
He said: “Some will say if you take out fuel subsidies, ordinary Nigerians will…
Source: Guardian Newspaper
