The trillions of naira spent on fuel subsidies, according to Ben Akabueze, Director General of the Nigerian Budget Office, might be invested in other creative industries, especially education.Information Guide Nigeria
Akabueze stated on Arise TV’s Global Business Report that the money might be utilised to terminate the Academic Staff Union of Universities strike and raise government employees’ salary.
“The truth is that public servants need to be paid far better than they are now. It’s like the ongoing issue regarding ASUU and the pay for lecturers. I haven’t come across anyone in government who thinks that lecturers are adequately paid or who thinks lecturers should not be paid significantly more. The crux of the ASUU matter is the ability to pay. It is why this matter has dragged on because the government has refused to commit to a number that it does not have the ability to pay,” he said.JAMB Result
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If the Federal Government decides to cover the entire year, it will probably spend N6.7 trillion on fuel subsidies in 2023. According to Zainab Ahmed, the finance minister, the cost might drop to N3.36 trillion if the subsidies continue through mid-2023.
Akabueze pointed out that fuel subsidies frequently had a significant impact on the economy and the lives of the populace, emphasising that “there will be an immediate impact on people when you eliminate fuel subsidies or cut back on it.”
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