Fuel Subsidy Only Benefits the Rich, Says ADB President, Adesina

The New Diplomat
Writer

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

By Charles Adingupu 

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.”

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp