Petrol Cheaper Atlanta U.S
In a stark contrast, Nigerians are paying higher petrol prices than residents of Metro Atlanta, USA, despite Nigeria’s status as an oil-rich nation.
While petrol in Atlanta costs around $2.70 per gallon (67 cents per litre), equivalent to 1,102 naira per litre at the current exchange rate, Nigerians face an average price of 1,300 naira per litre.
EDITOR’S PICKS
EKO HOT BLOG reports that this disparity becomes even more glaring when considering minimum wage differences.
In the U.S., the federal minimum wage is $7.25 per hour, translating to about $1,200 (1.9 million naira) monthly.
By contrast, Nigeria’s minimum wage stands at 70,000 naira ($42.55) per month, meaning Nigerians pay a larger share of their income on fuel despite earning far less.
Even low-income earners in the U.S., like teenagers working part-time, often earn more than double the federal minimum wage.
Critics often argue against comparing Nigeria to the U.S., the world’s largest economy.
However, a closer look reveals that American governments invest heavily in subsidies to cushion citizens against high energy costs.
In 2022 alone, the U.S. spent $757 billion on fossil fuel subsidies, with measures like fuel tax holidays and direct grants to shield consumers from price shocks.
Such interventions, also adopted by countries like Egypt and Indonesia, aim to stabilize prices, reduce poverty, and boost economic growth.
Petrol Cheaper Atlanta U.S
In Nigeria, however, the removal of fuel subsidies has imposed immense hardships on citizens.
The soaring cost of petrol has led to unchecked inflation, shuttered businesses, and widespread economic strain.
Despite being a major oil producer, Nigerians endure one of the world’s highest fuel prices relative to income, a bitter irony that underscores mismanagement and inequitable fiscal policies.
Restoring subsidies, devoid of corruption, would be a vital step toward alleviating the burdens on Nigerians.
As a moral obligation, such measures would ensure that Nigeria’s oil wealth benefits its people, transforming it from a source of inequality into a tool for economic stability and national pride.
President Bola Ahmed Tinubu’s administration faces mounting calls to reinstate subsidies, not as an admission of policy failure but as a commitment to governance that prioritizes humanity and well-being.
Let Nigeria’s resources serve its citizens, offering hope for a more equitable future.
A fire broke out early Monday morning, engulfing the market at Trademore Estate, located off…
British-Nigerian heavyweight Anthony Joshua has predicted that Oleksandr Usyk will triumph over Tyson Fury once…
The United Nations' top court will begin historic hearings on Monday to establish legal guidelines…