By Charles AdingupuÂ
Amidst the hew and cry against fuel subsidy removal, the President of the African Development Bank (ADB), Dr Akinwumi Adesina has explained that the payment of this particular subsidy only benefits the rich.
The ADB President who said this Saturday in Abuja, noted in dismay that payments to subsidize petroleum products was killing the Nigerian economy, adding, that fuel subsidy gulped $10 billion in 2022 alone.
He explained that Nigeria keeps borrowing for what it shouldn’t borrow for, advising that such money should be channelled to national development.
“The place to start therefore is to remove the inefficient fuel subsidy. Nigeria’s fuel subsidies benefit the rich, not the poor, fuelling theirs and the government’s endless fleet of cars at the expense of the poor,” he stated.
“Estimates show that the poorest 40 per cent of the population consume just three per cent of petrol.
“Fuel subsidies are killing the Nigerian economy, costing the economy of Nigeria $10 billion in 2022. That means that Nigeria is borrowing what it doesn’t have to borrow.”
