SUBSIDY IS GLOBAL: RELIEF IS COMING TO NIGERIANS. - Lauretta Onochie
Across the world, governments subsidise things they consider strategically important to the welfare, security and economic survival of their citizens. They subsidise agriculture. They subsidise energy. They subsidise food. They subsidise public transportation. They subsidise housing. They subsidise healthcare. They subsidise education. They subsidise electricity and, in a number of oil- and gas-producing countries, governments intervene to keep domestic energy prices below international market levels. So the real economic question for Nigeria should never have been simply: “Subsidy or no subsidy?” The more intelligent question is: What should Nigeria subsidise, who should benefit, how much can the country afford, and how do we prevent the subsidy from becoming an avenue for corruption? THE WORLD HAS NOT ABANDONED SUBSIDIES The evidence is overwhelming. The International Energy Agency reported that governments spent about $620 billion subsidising...