Share!
The Chairman of the Nigeria Revenue Service (NRS) has said Nigeria’s fuel subsidy burden could have risen to about ₦53 trillion if the Federal Government had not implemented the fuel subsidy reform under President Bola Ahmed Tinubu.
The NRS chairman argued that the removal of the subsidy was necessary to prevent the government from continuing to shoulder an increasingly expensive petroleum subsidy bill.
The claim highlights the scale of the fiscal pressure associated with fuel subsidies and the government’s argument that subsidy reform was necessary to redirect public resources and improve the country’s finances.
However, subsidy removal has continued to attract debate in Nigeria because of its impact on fuel prices, transportation costs, inflation and household purchasing power.
