The price of petrol in Nigeria has recently sparked debate and controversy. According to the World Bank, the federal government currently subsidizes the price of gasoline to the tune of 620 to 650 naira (Nigerian currency) per liter. However, the World Bank believes that this subsidy should be completely removed and the price of petrol should be increased to N750 per litre.
This World Bank proposal is supported by oil companies, who say the price of petrol would rise to N1,000 per liter if the government did not subsidize it. However, the government rejected these claims and denied any return of the gasoline subsidy.
This World Bank proposal has been strongly criticized by the Nigeria Trade Union Congress (NLC), which believes that a further increase in the price of gasoline would lead to anarchy in the country. The NLC accuses the World Bank of being a predatory institution that does not care about the welfare of Nigerians.
It is true that the price of gasoline has already had a negative impact on the country’s economy. Further increase in the price could worsen the situation and cause more hardship for Nigerians. It is therefore essential that the government carefully considers the consequences of such a decision before making a decision.
It is also important to emphasize that setting the price of gasoline should not be based only on economic considerations, but also on the needs and living conditions of citizens. It is essential to strike a balance between economic interests and the well-being of Nigerians.
In conclusion, the debate on the price of gasoline in Nigeria is complex and requires careful consideration. It is essential that the government takes into account the concerns of the people and carefully considers the consequences of any decision relating to the price of gasoline.