A few days ago, the Federal government of Nigeria removed petrol subsidy. What this means is that government will no longer pay part of the cost of importing fuel into the country. Meaning it is now an open market where petrol marketers import fuel at whatever cost, and sell at a price not higher than the official pump price.
According to the minister of petroleum resources Ibe Kachikwu, the new pump price for premium motor spirit popularly known as petrol is now N145 per liter, as against the usual N87 per litre of petrol. Though mixed reactions has trailed the removal of fuel subsidy at a time the Nigerian economy is struggling to find its feet, the reality on ground is that the prices of goods and services has tripled in the last few days.
Popular economists have even predicted that the prices of goods and services will continue to rise until such a time that majority of the masses will no longer be able to afford basic necessities. This is indeed a very dark time in the history of the most populous black nation in Africa.
It is the believe of many analysts that things may degenerate to a level the poor masses will have no other option but to revolt against the current government, if nothing is done urgently to alleviate the sufferings of the vast majority out there. But until then, the future remains bleak for the African giant.
