The withdrawal of the gasoline subsidy in 2023 would result in higher fuel costs, hence the Federal Government is being encouraged to prepare Nigerians for this.
The results of two recent online surveys conducted by Arise TV are as follows.
On Twitter and YouTube, respondents were questioned on who should be in charge of preparing Nigerians for post-subsidy fuel costs, including the government, economic think tanks, the media, and labour unions.Information Guide Nigeria
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The government was blamed by 44% of respondents, while everyone was to blame, according to 43%.
Responding to the poll, Partner and Chief Economist at PwC Nigeria, Dr Andrew Nevin, said, “There needs to be some communication to Nigerians on planning for what is going to be a major change.”
Chief Economist at Coronation Merchant Bank, Chinwe Egwim, also responded to the poll, saying that a collective effort was required from the perspective of government in terms of a policy reform “and the media as one of the most powerful tools that can communicate change and articulate the right message to support necessary adjustments to a post-fuel subsidy Nigeria.”
Chief Economist at the Development Bank of Nigeria, Professor Joseph Nnanna, said, “Economic Think-Tanks have a role in explaining the economic implications for Nigerians especially for those at the bottom of the pyramid.”
Chief Executive Officer of the CFG Advisory, Tilewa Adebajo, said it was basically the job of the government.
“If government is not taking the lead in this, then it is not going to work. We do not have enough revenues to service our debts. Our revenues are down because we are paying subsidies and NNPC has remitted little to nothing to the Federation Account.
“The government is violating the Fiscal Responsibility Act. If there is no political will from the government, then we will still be talking about fuel subsidies next year.”
The economy has suffered greatly as a result of the nation’s deteriorating fortunes, and according to the administration, if fuel subsidies are kept, worse budgetary times would start in 2023.
According to Zainab Ahmed, Minister of Finance and National Planning, the government’s budget deficit would exceed N12.42 trillion if petroleum subsidies were maintained through the entire fiscal year 2023.
Mrs. Ahmed revealed this when testifying before the House of Representatives Committee on Finance to support the Fiscal Strategy Paper and Medium Term Expenditure Framework (MTEF) for 2023–2025. (FSP).JAMB Result
She claimed that in order to pay the budget deficit in 2023, the Federal Government planned to sell national assets and borrow approximately N11 trillion.
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