Nigeria's oil resources, particularly petrol, have brought more pain than joy to citizens, as mismanagement has resulted in poverty levels among the majority of the population despite the abundance of resources.

The country has four refineries with a combined capacity of 445,000 barrels per day, but they have been mismanaged and are no longer functional, leading to Nigeria importing refined products.

The government spends about N250 billion monthly to subsidize the importation of petrol because of the non-functional refineries. Recently, the government announced the removal of the subsidy, but this has been suspended until the incoming administration takes over.

Labor unions have warned of a social crisis if the subsidy is removed without optimal functionality of the refineries, and they have demanded an immediate increase in the minimum wage to at least N100,000 if the subsidy is removed.

The best way out of the situation, according to labor unions, is to upgrade the existing refineries or build new ones to function well.

source ; Vanguardngr.com

https://www.vanguardngr.com/2023/04/petrol-subsidy-removal-buhari-hands-over-tough-problem-to-tinubu/