The move by the President Muhammadu Buhari's government to spend N4 trillion on petroleum products subsidy payment, a payment he described as a ruse when he was on the campaign soapbox before he became president in 2015, continues to receive knocks and has now been labelled as having ‘significant negatives’ for Nigeria, its people and its economy.
The knocks for this non-productive but humongous expenditure are particularly being reinforced by the state of the Nigerian economy.
It comes at a time when the country’s fiscal revenue receipts are dwindling, the local currency continues to tank against the dollar at the parallel markets, and
The country’s external reserves are still below the $40 billion mark.
This move by the Nigerian authorities become so disturbing that it has attracted the attention of the World Bank, stakeholders in the country’s economy, and worried Nigerians.