Subsidy removal/deregulation of petrol price by @NigeriaGov was long overdue, necessary, and is right. Govt should create enabling environment for individuals to create wealth and achieve their full potential, not stifle productivity by distorting or replacing the market.
In a country without a clear ideology like ours, but which is essentially capitalist in orientation, excessive govt involvement in the economy has only created massive corruption and a rent-seeking State. This has been very harmful.
The trillions spent on petrol subsidy could’ve built, staffed, equipped world class hospitals, better invested in education to give young people 21st century skills.This disastrous political populism that actually hurts Nigerians shouldn’t return with increased oil prices.
Some wrongly think this populist econ management approach is “pro-poor”, but it blocks the economy from real growth and diversification, & government from allocating resources to real human development/social infrastructure like healthcare and education.This perpetuates poverty.
