Surprisingly, many Nigerians do not understand what is fuel subsidy as the query topped ‘what is’ search trends in 2023, according to Google report.
The Nigerian economy has been subsided in various ways for many years and this includes fuel, education, electricity, forex etc.
Fuel subsidies began in the 1970s and became institutionalised in 1977, following the promulgation of the Price Control Act which made it illegal for some products (including petrol) to be sold above the regulated price.
While the concept of subsidy itself is noble, its administration in Nigeria has been plagued with serious allegations of corruption and mismanagement.
In June 2022, the Managing Director of NNPC Limited indicated that daily consumption of PMS had increased to over 103 million litres per day and that at least 58 million litres were being smuggled.
This means that smugglers and other West African countries benefit more from fuel subsidy than Nigerians.
Trillions of dollars have been spent to subsidize fuel import including crude swap deals.
On his inauguration on May 29, 2023, President Bola Tinubu announced that ‘Fuel Subsidy is gone’. This announcement by the President has spiral to several economic shocks.
However, apart from What is Fuel Subsidy, here are some other queries on Google as released in the search trends 2023:
- What Is The Meaning Of Idan
- What Is Autopsy
- What Is The Meaning Of Idan In Yoruba
- What Is The Cause Of Mohbad Death
- What Is The Meaning Of Body Count
- What Is The National Flower Of Nigeria
- What Is Bvas
- What Is Bell’s Palsy
- What Is Cryptic Pregnancy
Also read: Google: iPhone, Tecno, Infinix, Redmi, itel Dominate Devices Search in 2023
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