If you're not sure what the IWD 2022 theme means and how climate change and gender equality intersect, you can read about it here in approximately two minutes.
Happy IWD.
https://t.co/jLtyVAKTa2
Most Nigerians and different pressure groups want it to remain. You can read the whole summary and the reasoning of each side here: https://t.co/FN7aBc6PpX
I'll be happy to hear your thoughts.
But this plan has been suspended due to pushbacks and concerns about timing. The World Bank, IMF and some pretty influential economists think the FG should go ahead and remove fuel subsidies.
They plan to mitigate the expected impact this will have on the poor by doling out N5k monthly transportation grants to 40 million poor Nigerians (which, given the timing, some have interpreted as an upgrade attempt from election rice and 1k).
In November 2021, the FG announced that it would stop subsidizing the price of fuel for Nigerians from July 2022. This will essentially deregulate the industry as stipulated by the new Petroleum Industry Act, and bring oil prices between N320 and N340 per litre, from N165 ish.
The FG has been subsidizing petroleum products for Nigerians since the ‘70s, when there was an increase in global energy prices, so we purchase them at prices below the global market price.