It will not be exhaustive enough to delve into the rationale for petroleum subsidy removal without noting the meanings of the term “subsidy” and “petroleum subsidy removal”
However, subsidy according to BBC English Dictionary “ is money paid by a government to help a company or to pay for a public service”. In other words, petroleum subsidy in this context is the money paid by the Nigerian government to the oil company to reduce the pump price of
petroleum product per liter. In the order hand, petroleum subsidy removal is a deliberate decision taken by the Nigerian government to withdraw the percentage of money paid to the oil company by the government to make the petroleum pump price affordable to the citizenry.
CONCLUSION
In view of the submissions above, it is express in mind to see reasons with the federal government persuasive argument on the petroleum subsidy removal and its importance to Nigerian economy .
In away of summary, I personally believe that if the removal of subsidy as claimed by the government can bring total reformation to the petroleum industry and foster an avenue for establishment of more public and private refineries, restructure the entire organogram of all other sectors of the economy for good and possibly fight corruption in the polity to a standstill then it could be correct to say that petroleum subsidy removal is one of the best thing that have happened in the history of the nation. And what more, with the money saved, job opportunities will be created for the populace, stronger security and stable power supply will attract investment and industrialization, the economy of the nation will record a boost. With the above put together Nigeria will be on its journey to meet other super power nations of the world.
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