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The Federal Government has suggested a systematic removal of the huge sum of N1.5 trillion being paid as subsidy for petroleum products on yearly basis, saying the money will be channelled into local production to increase local capacity utilisation in the petroleum sector of the economy.
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By coming up now with the decision to eliminate totally the subsidy on petroleum products the Nigerian administration is rigidly towing the line of the US that, just about two weeks ago, demanded that countries that have subsidy on petroleum products for their citizens should stop it to make the citizens feel the effects of the constant and coninuous increase in crude oil. It is understood that due to the present relationship of the Nigerian government with the US with respect to the help required and sought to maintain security of Nigeria, the Nigerian government is trying to satisfy the demand of the US. However, it should be understood that total elimination of the subsidy on petroleum products could push the price of petroleum products in the country to tripple the existing level. This will definitely cause hardship to the citizens. IS THERE NOT AN ALTERNATIVE OF REDUCTION OF SUBSIDY AS OPPOSED TO TOTAL ELIMINATION?