The Federal Government has said that it spends N1.3 trillion Naira annually on fuel subsidies. One is obliged to ask: How much does it to cost to build new refineries or repair and bring the existing ones to full production, in order to avert impending hardship that will be inflicted on Nigerians when petroleum products are no longer subsidized?
Astonishingly, the federal government, under Jonathan, seems to ignore the spiral inflation that that single act will cause on the already impoverished population, with low income, as well as the Naira that has lost much of its value at the international exchange.
If the president doesn’t understand the woes that will follow the fuel subsidy removal, then one can reasonably affirm that he does not have the welfare of the masses at heart. This is because the resulting high cost of fuel will be felt on all sectors of the economy – transportation fare, housing, foodstuff, school fees.
