Effect of the fuel subsidy removal on the Nigerian economy
The possible financial effect of the removal of fuel subsidy as announced by the newly sworn-in president of Nigeria is discussed in this video. Factors such as an increase in fuel price directly impacting transportation is discussed alongside the nationwide ripple effect this would have on the prices of goods and servicess.
A new level of poverty is expected, as the below average citizen will no longer be able to afford his/her basic needs.
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I'm sure this will be the beginning of a new era of poverty of Nigerians. Petrol is now 488 per litre in Lagos, and 500+ Naira in other states. It's a terrible beginning to a new government. I saw the crowd in the video, and I must tell you that I'm not surprised. Fueling stations will begin to horde petrol as a means to sell it for higher price. Let's see what happens.
Although it's going to be an unforgettable era for the citizens of Nigeria, I believe with time we're going to get use to it due to our high level of adaptation.
500+ Naira? That still good o. In some parts of Ondo state, petrol is sold for 700 naira per litre. What choice do we have. Lol.
The news of the announcement was a shock to me because it wasn't expected. The aftermath is even worse. Transportation price has risen in barely 24 hours. Going to work will become a problem, and salaries will no longer be enough because it will result in having to spend much more than we earn.
Exactly. This is one of the conditions that the labour Congress made mention of. That the Nigeria government ought to have increased the salary of the civil servants and build a refinery to reduce the cost of importation of fuel before making such announcement.
Na wa o. This matter is beyond me. I had my own share of experience at the filling station. Imagine staying for hours, only to get to your turn and hear that petrol is finished. It is well.
Wow! This is so heartbreaking. After spending hours in the filling station I can't imagine myself going home empty handed that's terrible dear.
The motorcyclist here just park to look for pedestrians or passengers. That is just to minimize fuel use. It's a difficult experience.
It's just a matter of time, I believe nothing last forever.
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