I recall that over the last 10 years whenever the Nigerian government tried to increase petroleum prices to reduce/remove subsidies there has been an uproar on social media.

One of the popular statements has been to refer to petrol prices in Venezuela which are reported to be as low as N10 per litre. However, now that crude prices have crashed Venezuela has been in a severe crisis. There is talk of a coup, there is no medicine, food and basic supplies. Citizens have formed queues to go across the border to buy food and there is runaway inflation.

Amazing that this is the country that so many on social media would like Nigeria to be like! The truth is that Venezuela has bankrupted itself by using their money to pay for subsidies and senseless social programs when it should have been building infrastructure, diversifying etc. Exactly the same things Nigeria has been trying to get away from. The truth is that subsidies usually breed corruption (Diezani, Kola Aluko and omokre were able to make the kind of money they did because we had subsidies in place), incompetence, inefficiency etc and long term it's the people that suffer.


https://www.google.com.ng/amp/www.bbc.co.uk/news/amp/36319877