THE REMOVAL OF SUBSIDIES HAS ALTERED NIGERIANS’ LIFESTYLES.

Tunji Wusu –

According to Hon. Ogbonna Nwuke, a former member of the House of Representatives, the withdrawal of fuel subsidies, which caused a sharp spike in the price of fuel at the pump, drove many Nigerians to alter their way of life.

Nwuke, a Peoples Democratic Party (PDP) chieftain, claimed that the development has had an impact on transportation costs as well as food prices.

When asked about the rise in fuel prices, he responded, “If we are to take a worldwide picture of what is happening, it is not just in Nigeria. This means that the cost of energy at its production is starting to affect the populace.

“Of course, in our own case, we have been dragging our feet on crucial issues, especially with regard to fuel subsidies. The way those of us in Nigeria and Rivers State act would be impacted by this removal.

Sincerity dictates that the National Assembly passed the Petroleum Industrial Act specifically to assure proper use, notably in the downstream oil and gas industry.

“Deregulation was a crucial concern for that Act. Deregulation implies that we must surrender to market forces, and vice versa.

Therefore, when you look at the choice the President made to lower the weight, especially the leakages that are related with the payment of subsidies, you may find out that the price of fuel has reached its equilibrium.

“The rise in fuel prices is currently influencing our behavior. The price of food has increased as a result of the economy’s heavy reliance on petroleum. These appear to be signs of things to come in the near future.

According to him, the prices of these products will decrease over time if the Dangote Refinery comes online, if all the refineries controlled by the system are put into operation, and if BUA, which is roughly a year or two behind Dangote in the development of its refinery, goes online.

He mentioned that one of the effects is that he must reevaluate his needs, his means of transportation, and what he can buy to support his family.

“However, I am not one of those people who would ask, ‘Why did they remove subsidy?’ when they awaken. I am among those who firmly believe that now is the time for us to practice restraint as a nation and as a people.

“I believe it will have an impact on movements. We need to make adjustments, he remarked.