It's Time To Remove The Fuel Subsidy To Crash The Downward Spiral Of The Dollar.

33

Nigeria is in between a double edged sword and with the way the exchange rate is spiraling out of control, it calls for immediate action to curb it. It has gotten to a stage that we are already suffering inflation much more than one should suffer with the removal of fuel subsidy. Yes the exchange rate might only affect foreign and imported goods, but the domino effect cuts across the local sales whom inflate prices because they would want to stay afloat on purchase of imported goods aswell.. I think it's time to remove subsidy to free up the US dollar being pumped to subsidize that while pushing it into the market to stop the cartels and cabals championing the BDC whom inflate rates as they wish. E.G - if a toyota truck used to cost 1million, but now cost 3m due to exchange rate, with fuel at N165/litre, I won't mind purchasing at 1m while I buy fuel at N300/litre which would curb smuggling alongside and dollar racketeering. For the low income earners whom may feel they dont need the car but need the fuel at low price, the low rate of truck would bring in more competition, the availability of the dollar would crash the cost of repair parts which in turn reduces cost of pricing on other expenses that can be substituted for fuel purchase.

NB: Stories are shared by community members. The article does NOT represent the official view of NaijaWorld and the author is SOLELY RESPONSIBLE for this article
Comments

Use The App To Win N1m
Related Stories
thumbnail
Soludo’s Politics Of Poverty, Market Photoshoot And Anambra 2021
thumbnail
FFK, THE LORD BAELISH OF NIGERIAN POLITICS?
thumbnail
Coalition Of Arewa Youths Dissociates Self From Threat Against Ihedioha
thumbnail
Oyo PDP Leaders Vow To Work Against Makinde In 2023, Pass Vote Of No Confidence
thumbnail
Bawa Is Hale And Hearty
thumbnail
APC, Buhari Have Changed, Fani-kayode Speaks On Defection
thumbnail
I Bumped Into A FORA Bolsonaro Protest In Brasilia Brazil
thumbnail
2023: May God Give Us A President With Good Heart Like Buhari
thumbnail
Tinubu’s London House: The New Mecca For Politicians
thumbnail
Nigerian Politicians Are Heartless, Valueless – Peter Obi
thumbnail
#2023 Gov Yahaya Bello
thumbnail
Bandit Crisis: Presidency Not On Same Page With Military
thumbnail
Bandits Are Nigerians Like You And I, We Should Learn To Tolerate
thumbnail
FFK Dumps Yoruba Nation, IPOB, Says "I'm Committed To The Unity Of Nigeria"
thumbnail
El-Rufai: Only Buni Knows Why Fani-Kayode Was Allowed Into APC
Related Stories
thumbnail
Soludo’s Politics Of Poverty, Market Photoshoot And Anambra 2021
thumbnail
FFK, THE LORD BAELISH OF NIGERIAN POLITICS?
thumbnail
Coalition Of Arewa Youths Dissociates Self From Threat Against Ihedioha
thumbnail
Oyo PDP Leaders Vow To Work Against Makinde In 2023, Pass Vote Of No Confidence
thumbnail
Bawa Is Hale And Hearty
thumbnail
APC, Buhari Have Changed, Fani-kayode Speaks On Defection
thumbnail
I Bumped Into A FORA Bolsonaro Protest In Brasilia Brazil
thumbnail
2023: May God Give Us A President With Good Heart Like Buhari
thumbnail
Tinubu’s London House: The New Mecca For Politicians
thumbnail
Nigerian Politicians Are Heartless, Valueless – Peter Obi
thumbnail
#2023 Gov Yahaya Bello
thumbnail
Bandit Crisis: Presidency Not On Same Page With Military
thumbnail
Bandits Are Nigerians Like You And I, We Should Learn To Tolerate
thumbnail
FFK Dumps Yoruba Nation, IPOB, Says "I'm Committed To The Unity Of Nigeria"
thumbnail
El-Rufai: Only Buni Knows Why Fani-Kayode Was Allowed Into APC