When we breakdown subsidy into fuel consumption per income class,the figures and amount in Naira value, we will realise the foolishness in it.
I fill my tank every week, 65 - 70litres. In a month I gross 300L. Nigeria spends N36.5 as subsidy on every litre of petrol.
I fill my tank every week, 65 - 70litres. In a month I gross 300L. Nigeria spends N36.5 as subsidy on every litre of petrol.
In a year I consume 3,600 litres of petrol ⛽
Multiply this buy N36.5 average subsidy on petrol.
300L monthly × N36.5 = N10,950 monthly subsidy
= N131,400.
Now consider people with SUVs and V8 engines who consume double my amount.
Multiply this buy N36.5 average subsidy on petrol.
300L monthly × N36.5 = N10,950 monthly subsidy
= N131,400.
Now consider people with SUVs and V8 engines who consume double my amount.
The FG struggles to give the vulnerable Nigerians 5k monthly under the conditional cash transfer program but doles out between N10k - 100k monthly on petrol subsidy to rich people.
760bn budgeted for subsidy will provide Health insurance for 38m Nigerians
760bn budgeted for subsidy will provide Health insurance for 38m Nigerians
Can't we convert the money into a VC fund and invest it in SMEs?
Can't we use invest the money in agric inputs so that farmers can thrive.
The subsidy is for Mercedes benz owners with bi-turbo engines not the poor.
Can't we use invest the money in agric inputs so that farmers can thrive.
The subsidy is for Mercedes benz owners with bi-turbo engines not the poor.
