The Nigerian government has removed fuel subsidy. This is certainly not how Nigerians wanted to start the NEW YEAR. This decision will surely anger all of Nigeria. The result of this would lead to an increase in fuel price from 40 Naira to probably 140 Naira. Rumours speculated that Nigeria was pressured by the I.M.F and the World Bank to remove the subsidy.
The Federal Government had previously said the amount spent on fuel subsidy was over a TRILLION Naira, but the removal would allow the government use the money to develop the sectors in the country that needed improvement. And much of it would be spent on security to tackle the raising insecurity in the country.
Nigerians had earlier kicked against the idea, but this news will surely cause a negative feedback to the government.
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