Fuel Prices Are Significantly Subsidized in the US, Qatar, Saudi Arabia, the UAE

Not a valid attachment ID.

Fuel Prices Are Significantly Subsidized in the US, Qatar, Saudi Arabia, the UAE, and Others During the World Bank's...
Nigeria was recently advised by the World Bank to stick to its gasoline subsidy removal program and not undo its ongoing changes. It makes the case that the reforms are essential to the long-term stability of the country.
On May 29, 2023, President Bola Tinubu's administration eliminated fuel subsidies, one of the main changes it implemented because of this, the price of petrol has skyrocketed to almost N1,030 per litre. SaharaReporters' findings reveal that several nations, notably more developed ones than Nigeria, continue to spend a significant amount on fuel subsidies in spite of such calls for the non-return of fuel subsidies. This appears to be an attack and plot by foreigners against Nigeria and other African countries.
The International Monetary Fund's data sheds light on this problem.

According to a National Bureau of Statistics survey, 63% of Nigerians live in multidimensional poverty.
Similar to Nigeria, Qatar is one of the top producers of crude oil in the world, producing an estimated 1.76 million barrels per day, compared to Saudi Arabia's 9.5 million barrels per day.
Not a valid attachment ID.
Political analysts and experts have contended that the World Bank's stance does not reflect Nigerian realities.
"The World Bank wants the hardship to extend to the next fifteen years before we can reach the promise land," according to former Kaduna Senator Shehu Sani.
"I'm not sure how many people will still be around to take advantage of the benefits that the WB has promised."
For example, according to IMF data released in September 2023, subsidies per capita in Qatar were $3897, in Saudi Arabia they were $4817, in Kuwait they were $5058, and in Korea they were $1178.
The amount spent on gasoline subsidies per capita was $4389 in Luxembourg, $1535 in the US, $1419 in Russia, $2167 in Singapore, and $1994 in Oman.
The poverty rate in Saudi Arabia was 13.56%, whereas it was placed at 0.4% in Qatar. According to the statistics that was released, Oman's poverty rate was 10.1%.
On the other hand,


[attachment deleted by admin]