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September 24, 2024, 02:35:38 PM |
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With the removal of fuel subsidy by the government of the day it has caused an increase in the price of goods and services in the market which has impacted negatively on the countries economy and everyone is left to bear the brunt of the decision of the government of the day .
Before now many people where not familiar with the word subsidy and it's true meaning and how it affects the Nigerian Economy, the so called subsidy it is really helping us as a country will government continue to pay subsidy and continue to send money to foreign countries to get petroleum products while our refineries at home continue to suffer and not working , these are important questions that needs to be ask .
Let us stop and have a rethink of this critical matter because it is a very important issues that has lingered for a long time now, the fact of the matter is that for us as a country for us to have affordable petroleum products like the other oil producing nations of the world, then subsidy has to go so that the money that is been wasted on subsidy can be used to fix and build new refineries so at the long run we can have more affordable fuel prices in the nearest future .
Infact we need to bear the pain of subsidy removal because there are allot of good things that removal on subsidy holds for our economy let me only give a few here
______Job Creation
With the removal of subsidy on fuel the government has now shifted it plans to local production of fuel which means that we will have functional refineries that are working and if our refineries begins to work optimal it will translate to job Creation, infact a functional refineries needs at least a thousand workers to keep it working then try and imagine all our refineries in the country working and employing one thousand person each it will reduce unemployment rate in the country
______Reduced fuel price
There will be a reduction in the price of fuel if the money that is saved as a result of of subsidy removal is used in maintenance of our refineries at the long run we will begin to have affordable petroleum products as our refineries will start production that will save our local local fuel demands.
__________Strengthening of our local currency
Our local currency will be strengthen with the removal of subsidy on fuel at the long run as there will be less demand for the dollar on the international market to import petroleum products to the country there by making our local currency have value and purchasing power
________' Exporting to the international market
We can start exportation of petroleum products to other countries if we meet our local demand thereby generating money for our country
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