On November 23, 2021, when the Nigerian government announced that it will remove petroleum subsidy in 2022, every Nigerian got a blasting hit of the national panic attack. Since the pronouncement, Nigerians had been losing their sleep, making the country a tinderbox where protests could explode at any moment as the usual reaction to fuel subsidy removal.
Put simply, BudgIT means the government has only bluffed . But if deregulation of the oil sector is irrefutably critical to dire economic reforms and national development, should sheer political interests be allowed in the way let alone prevail?Fuel subsidies in Nigeria are sky-high—around N1.8 trillion annually, according to the latest declaration by Nigerian National Petroleum Corporation . That is nearly the combined budget of the Health Ministry and the Ministry of Works and Housing .
So who benefits from the subsidy? Nearly everybody does except the masses of Nigeria. The cabal of the profiteers have been exposed. A combination of a few corrupt oil thieves, privileged individuals, political appointees and elected ones who as major sponsors and backers of government, are milking the economy of this country dry. For instance, they give the Government false invoices, which inflate the amount of crude they actually lifted by up to 1000% or more, e.g.
DO YOU NEED QUALITY ALUMINUM WINDOWS, DOORS, CURTAIN WALL, PARTITIONS, SHOW GLASS, STAIR RAILINGS FOR YOUR HOMES AND OFFICES? PLEASE REACH US ON: 07030486698 TODAY. Location: Lagos and Anambra
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why businesses should still consider Bitcoin | The Guardian Nigeria News - Nigeria and World NewsBitcoin continues to gain increasing popularity globally. People that mined or invested in Bitcoin in its early days are not millionaires. This virtual currency dominated news headlines in 2020 after hitting its all-time high record. And more people and businesses continue to consider this digital currency as a payment method and investment. Crypto exchanges like […]
Source: GuardianNigeria - 🏆 1. / 94 Read more »
NIGERIA DAILY: Why Kano State Government Revoked Private Schools LicencesDownload Here The Kano state government has revoked the licenses of all private schools in the state. NIGERIA DAILY: How Some Teachers Are Brewing Kano state government Beautiful city at all Nigeria kano Is the government legally empowered to revoke all private schools licence because of the crime of one proprietor? How will the government feel if he was booted out of office because of the sins of another state?
Source: Daily Trust - 🏆 13. / 51 Read more »
Why Nigeria dropped in latest corruption ranking - CISLAC, ActionAidNigeria is ranked 154 out of 180 nations in the country comparison, down five places from the 2020 record.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Why South East should wait for another five years, by Atiku Committee | The Guardian Nigeria News - Nigeria and World NewsChairman of the Atiku Abubakar Campaign Technical Committee, Raymond Dokpesi, yesterday, said the South East should wait for another five years till 2027 to produce the president of Nigeria. If the likes of chief Raymond Dokpesi & Atiku Abubakar can't say the truth or stand for Justice and Fairness. How can they lead this country when given chances. Another Fulani coming, he will be worst than the former
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Why Bitcoin is the best way of sending remittances to developing countries | The Guardian Nigeria News - Nigeria and World NewsBitcoin is undoubtedly an attractive option for sending remittances overseas. Using this virtual currency to send funds overseas enables users to avoid the high costs of money transfer companies and traditional banks. People around the world send money to their loved ones abroad regularly. The World Bank estimated remittances to hit the $550 billion mark […] Crypto money laundering rises 30%, report finds
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Why I joined politics after 40 years in the corporate world – Hayatu-Deen, ex-FSB CEOAlhaji Mohammed Hayatu-Deen is a former Chief Executive Officer (CEO) of FSB International Bank. Hayatu-Deen who chaired the economy sub-committee of But we discourage youth on NOT TOO YOUNG ToRun 1. To loot
Source: Daily Trust - 🏆 13. / 51 Read more »