Why Nigerians Are Afraid Of Subsidy Removal – Moghalu
According to Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, Nigerians are against the removal of fuel subsidies due to their concern that the funds saved will be misappropriated by corrupt government officials.
Moghalu made this statement on Wednesday via his verified Twitter account.
The proposed removal of subsidies by the federal government has been met with controversy. Moghalu suggested that the government should provide a clear plan detailing how the savings from subsidy removal would be utilized to benefit both citizens and the economy.
He said, “A vast majority of Nigerians are opposed to subsidy removal, despite the overwhelming economic arguments against it.
“The key to solving this problem is a transparent demonstration that savings from removing the subsidy will not be stolen by corrupt government officials, a clear plan for how these savings will be used for the benefit of citizens and the economy, and a plan to address subsidy removal’s inflationary impact.
“People really believe they are entitled to cheap petrol (“cheap” petrol is increasingly a myth, but the subsidy cabals, some of who exist in places that will surprise you, are feeding off the citizens’ (well deserved) lack of trust in the government.”