Subsidy is a benefit given to an individual, business, or institution, usually by the government, group or individual. In February 2021, Nigerian National Petroleum Corporation said it granted N112 billion subsidy to about 205 million Nigerians. These attempts have been met with ferocious resistance by majority of Nigerians usually led by organised labour and human right organisations. Since 1999, rather than remove subsidies, Nigerians have only allowed government to increase prices periodically. In essence, fuel subsidy is not the only reason the Federation Account is poorly funded.

Source: Nigerian Tribune May 03, 2021 07:30 UTC