#PFMDAILY 9: 11 Trillion Naira on Fuel subsidy in 6 years is Unprogressive
The revelation by the Senate that Nigeria spent N11trillion on fuel subsidy in six years is a demonstration of our expenditure priorities.
This amounts to N1.833trillion a year in an infrastructure starved economy. We need to get our priorities right. A subsidy on the consumption of a foreign produced commodity can neither create jobs in the local economy, garner tax revenues for govt nor conserve our foreign exchange reserves.
The govt needs to rethink this mind-boggling subsidy and citizens need to think through the advantages and disadvantages of the subsidy.