It’s no longer news that President Buhari removed fuel subsidy. The news, the hues, and the cries making round recently is about the removal of fuel subsidy and the subsequent increase in the fuel pump price to about one hundred and sixty naira (#160) per litre by the President Muhammadu Buhari.
According to the news report by PREMIUM TIMES, there are two major reasons that led to the removal of fuel subsidy in Nigeria which was said was for the benefit of the masses and the economy of the nation.
*The number one reason is to stop the mismanagement of taxpayer money.
*Number two is to eliminate corruption associated with subsidies.
“President Muhammadu Buhari removed fuel subsidy on petrol and electricity to “stop the mismanagement of taxpayer money” and “eliminate corruption associated with subsidies,” his spokesperson, Garba Shehu, said in a statement, reported the removal of the subsidy which has led to an increase in petrol and electricity prices across Nigeria. While the retail price of petrol increased by about 10 per cent to about N160 per litre, the average unit cost of electricity increased by almost 100 per cent to about N62 per kilowatt-hour”.