THE controversy that preceded the recent announcement by the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, of government’s decision to scrap the Petroleum Support Fund, otherwise known as fuel subsidy, raises questions as to the economic value the people derive from the acclaimed payment. Although this came on the heels of prolonged scarcity of the product which sold between N120 and N250 per litre, depending on your location, most people were opposed to the hike in the price of the commodity.
The post Fuel price hike: How Nigeria wasted N10trn on subsidy appeared first on Vanguard News.
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