To justify the fuel subsidy removal, Ahmed echoed the same old criticism of the subsidies being unsustainable. To couch the effect of the hardship sure to follow, she added that they would be giving a N5,000 monthly grant to 30 to 40 million poor and deserving Nigerians. We need not waste time debating which class of Nigerians should qualify as “deserving,” given how much their shabby economic policies have depreciated the quality of life.
You only need to look at the rising figures of unemployment and inflation in Nigeria to see that these welfarist ideas are not only costing Nigerians heavily, but they are also achieving poorly. The unemployment last released by the National Bureau of Statistics shows that much. Bear in mind that the official figures such as what the NBS publishes only tell a part of the whole story of the diminishing quality of life.
First, what is the logic behind removing a supposedly unsustainable fuel subsidy only to introduce a transport grant that is just as unaffordable? At a public forum in July, the same finance minister stated that fuel subsidies gulp as much as N150bn monthly. According to her, much of the benefit of the subsidies does not even go to the average Nigerian. The prime beneficiaries are the fuel marketers who buy the subsidised fuel only to retail it higher in neighbouring countries.
If the argument is that Nigeria can no longer afford fuel subsidies because the heavy cost deprives us of necessary funds for necessary social infrastructure, then where is the N150-200bn that will fund the transport scheme going to come from? Yes, she can very well argue that unlike the fuel subsidy, the N5,000 grant will go straight to the poor who need them. However, none of the similar schemes of cash handouts they have instituted has worked so far.
Second, how did the finance minister and her strategists who brainstormed to arrive at the meagre sum of N5,000 transport grant account for the multiplier effect of higher fuel prices? Once the fuel subsidies are removed and fuel prices go up, the cost of goods and services will concomitantly rise. What will the N5,000 do to alleviate the hardship that people will inevitably face? By now, the government should be tired of these silly tricks of handing out lame sums of money.
Source: News Formal (newsformal.com)
We know the global measurement of poverty is how much dollar one lives per day. Yet, the government, for whatever reason, without concern, does not consider it a priority to defend Naira to stop more Nigerians from falling below the poverty line. It's a misplaced priority.
2)...the looting will shock even devil itself.
1) I saw many people here taking the 5k thing serious; so you guys still believe in the lies of this regime? Have you asked yourself how exactly this regime is transferring money 'digitally' to the vulnerable? In many years to come when the book of this regime will be opened,...
Read this abeg , stop spreading fake news , Osinbajo never shared a dime.
1. For Abimbola to assume Npower did not help makes this write-up void. she should go to OAU PG hall and ask how that 30k stipend helped a lot of PhD and MSc unemployed student 2, She claimed Osinbajo distributed money, THAT IS A BIG LIE 👇👇👇
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