FUEL SUBSIDY REMOVAL: INEVITABLE HARDSHIP BEFORE SURPLUS IN THE LAND?

The removal of fuel subsidy in Nigeria by the newly elected administration has had significant impacts on the daily lives of Nigerians, making life more difficult for many. The fuel subsidy was a government policy that have been put in place for so many years and it is aimed to keep the cost of fuel artificially low, providing some relief to the population. However, it is discovered that some few set of people are the one benefiting from it. Hence, the need to remove it.

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However, when the subsidy was removed about two months ago, the prices of fuel and other essential commodities surged, leading to several challenges. It became difficult for an average person to survive. Transportation costs skyrocketed, leading to higher prices for goods and services. This resulted in a surge in inflation, making it difficult for people to afford basic necessities like food, housing, and healthcare.

Not only that, the increased fuel prices put a strain on public transportation systems, leading to fare hikes for commuters. This, in turn, affected the daily commute of many, especially those with limited income, and also impacted businesses that relied on transportation for their operations. The cost of using E-hailing cab services also doubled as a result of this leading to more people opting for public transportation

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The removal of fuel subsidy also affected business and homes that rely on generators to generate power in their offices and homes. Business and houseowners have to pay more to purchase fuel to ensure that they have power. As a result, households and businesses faced increased costs in powering their homes and establishments, further burdening their finances. In other words, a business owner that spends more on generating power will surely reflect it in the cost of their services.

Let's not forget that the cost of production will also increase as a result of fuel subsidy removal. This, in turn, will affect prices of goods and services, leading to reduced consumer spending and economic hardships for businesses and individuals alike. It will also contribute to a rise in unemployment rates. Many businesses have been struggling to cope with the increased operating costs and had to downsize or shut down, resulting in job losses and increased poverty levels.

The removal of fuel subsidy led to public outcry, demonstrations and protests. Citizens voiced their concerns about the impact on their livelihoods, demanding government action to address the situation just like we witnessed around the country yesterday. Different groups trooped out in their numbers to express their disappoints and dissatisfaction about the suffering of the common man.

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In conclusion, the removal of fuel subsidy in Nigeria has had profound effects on the lives of its people. The increase in fuel prices and subsequent rise in the cost of living, coupled with challenges in transportation, power supply, and the economy, has made life more difficult for many Nigerians. In the coming days, it is expected that steps will be taken to ensure that people are relieved and begin to enjoy life once again.