VIDEO: Residents Lament Hike in Transport Fares, Others over Fuel Subsidy Removal
By Rahma Oladosu
Nigerians have continued to groan over the consequential inflation in the prices of transportation and other staple items weeks after the implementation of the Federal Government’s fuel subsidy removal policy.
President Bola Ahmed Tinubu had in his inaugural address on May 29 said since his predecessor didn’t make budgetary provision for continuous fuel subsidy in 2023, his administration won’t do anything to change it.
Speaking to ECONOMY ON THE STREET on Monday, Abuja residents lamented that the hardship caused by the policy is having unprecedented impact on their finances.
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“Fuel subsidy removal is necessary but what everyone is saying is that the timing is a bit wrong, what the Federal Government should have done is to remove the fuel subsidy and develop the transport system immediately, put buses on the road and organise a well scheduled mass transport system,” said one of the interviewees.
“Before fuel subsidy removal, from airport road to berger costs N150 but now it’s N400, it’s not economical for me at all with a salary of N40,000 monthly” another interviewee said.
“Apart from the fact that the cost of fueling my vehicles has tripled, people working under me are experiencing the difficulties of increased transport fare as well, meaning I have to raise their pay for them to make necessary adjustments”, a business owner said.
Majority of the interviewees pleaded with the Federal Government to find creative ways to cushion the effects of the fuel subsidy removal on the masses.
Economic Confidential reports that Premium Motor Spirit (PMS) currently sells at N540 per litre in Abuja and it is projected to sell for around N600 or N700 per litre in the coming days.
