The removal of the fuel subsidy in Nigeria is a complex and controversial issue that has significant implications for the economy and the welfare of the citizens. According to the World Bank, the subsidy removal was aimed at expanding the fiscal space for pro-poor spending and reducing the fiscal deficit. However, the policy also led to a sharp increase in the pump price of petrol, which in turn triggered a rise in the prices of other goods and services, especially food and transportation, pushing inflation to an all-time high by the end of 2023. This has eroded the purchasing power of many Nigerians and pushed millions more into poverty. While intended to bring long-term economic benefits, the fuel subsidy removal in Nigeria has undoubtedly led to immediate hardships for ordinary Nigerians. The policy, along with other policies of the Nigerian government, not only led to a surge in fuel prices, which consequently triggered a domino effect, raising the cost of transportation, food, and other essential goods and pushing inflation to uncomfortable levels, but they also contributed to the fall of the Naira against the dollar and other currencies.
How do you think that ordinary Nigerians can continue to survive in the face of the hardship and rising price of food and medicine?

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