http://234next.com/csp/cms/sites/Next/Money/Business/5523030-146/story.csp?CSPCHD=00000001000044g1fdku000000F3OhliSbzDW_94yqSzMLDQ--

"What subsidy money can buy

By Clara Nwachukwu

February 7, 2010 03:21PM


The irony of the petroleum subsidy is that with N2.49 trillion, the government could have used the sum to develop other sectors of the economy which needs attention to improve the standard of living of Nigerians.

For instance, the government can actually shut down the epileptic refineries operated by the Nigerian National Petroleum Corporation (NNPC) and instead deploy the funds into building three world class refineries at $5billion or N750 billion each, making a total of N2.25 trillion.

Video: Nigerians speak on the fuel crisis

In the alternative, the government could have strengthened the transportation system, one of the major hiccups in products supply and distribution and delivered the Lagos Kano Railway project estimated to cost $8.3billion, the equivalent of N1.3trillion, which was cancelled by President Umaru Musa Yar'Adua.

Besides, a look at the budgetary allocations for some sectors in the economy, between 2006 and 2009, will show what impact, the subsidy fund could have made if the government had deployed the money to education and health, and the construction of more roads."


This fraudulent subsidy argument is back!
What do you think?