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Problem of Oil Subsidy removal in Nigeria

Problem of Oil Subsidy removal in Nigeria *According to Okonmah Tony, a financial adviser It can only impose more hardship on the already seriously economically downtrodden masses. It will

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قديم 05-09-2012, 09:04 PM
nigery غير متواجد حالياً
 
تاريخ التسجيل: Apr 2012
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افتراضي Problem of Oil Subsidy removal in Nigeria

Problem of Oil Subsidy removal in Nigeria


*According to Okonmah Tony, a financial adviser

It can only impose more hardship on the already seriously economically downtrodden masses. It will cripple further a seriously ill economy. It will spook a fragile financial system and send shocks throughout a volatile industry. The removal of fuel Subsidy at this time is a very bad decision.

The government failed to first establish a structure that supports a flexible exchange rate which it is gradually but secretly trying to achieve. Again, this is the Problem with the Nigerian government. Lack of transparency and dishonesty has always plagued successive Nigerian governments. I do not see what they are trying to hide from the public and can’t understand why the government can’t give enough explanations to their actions. They leave the uninformed public with no choice but to vent anarchy and chaos.

In order not to digress from the point, the government failed to establish a structure for a sustainable fuel Subsidy removal. The structure should first address the issue of spiralling youth unemployment (one of McDemott’s six growth drivers and index that listed Nigeria among the next eleven emerging economies was its population of young people.

These youths are already wasting away their useful lives because of lack of employment). The structure must also address the high cost of living and cost of food products. The structure should address the Problem of poor infrastructure – lack of electricity, no good roads, lack of potable water, shortage of quality habitable accommodations etc.

Removal of fuel

subsidy does not in any way at this time impact positively on the Nigerian economy. I think it is a good intention but poorly executed.


Problem of Oil Subsidy removal in Nigeria

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