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The benefits of the fuel subsidy removal far outweighs the pains associated with the expected rise in petrol pump price due to the upswing in crude oil price, writes Obinna Chima
The rising cost of Brent crude oil and its attendant implication on petrol price in the country appears to have resuscitated the age-long debate over fuel subsidy removal in Nigeria.
Once more, there has been divergent views about this policy which until it was phased out last year, was a thorn in the flesh of successive governments in the country.
For instance, the federal government had disclosed that the nation spent N10. 413 trillion on fuel subsidy between 2006 and 2019, even as the country consistently grappled with low revenue generation over same period. ....

Adetunji Oyebanji , Mustapha Chike , Timipre Sylva , Aggrey Koleijo , John Agidigan , Zainab Ahmed , Obinna Chima , Mele Kyari , International Monetary Fund , Petroleum Products Pricing Regulatory Agency , Financial Derivatives Company , National Planning , Fidelity Bank Plc , Petroleum Products Marketing Company , Asset Management Corporation Of Nigeria , Nigerian National Petroleum Corporation , Sovereign Wealth Fund , Organisation Of Petroleum Exporting Countries , Petroleum Product Pricing Regulatory Authority , Major Oil Marketers Association Of Nigeria , Petroleum Exporting Countries , Premium Motor Spirit , Fuel Subsidy , Chief Executive Officer , Financial Derivatives Company Limited , Bismarck Rewane ,