6 Ways To Survive The ‘Fuel Subsidy Removal’ Era

Stressed black woman working at home alone

Nigerians were hit with the news of the fuel subsidy removal as announced by President Bola Tinubu in his inaugural speech on May 29.

Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

This has led to an increase in fuel prices as the country already battles with unemployment and a high cost of living.

This, in turn, could lead to inflation and reduced purchasing power for consumers. This could have a ripple effect across the economy, impacting the cost of goods and services.

In this post, FabWoman highlights ways you can cushion the effect of fuel subsidy removal in Nigeria.fuel subsidy removal

1. Plan Ahead

If you have not been a ‘planner’, now is the perfect time to start planning. You should consider planning all your movements at once if possible to conserve fuel.

2. Monitor fuel availability

Stay informed about the availability of fuel in your area. Be aware of the fuel stations that have supply and try to refuel when there is stock. Consider using fuel-tracking apps or social media platforms where users share information about fuel availability.

3. Consider alternative transportation

Other means of transportation should be explored at this time to reduce fuel costs. Explore alternative modes of transportation such as carpooling, public transportation, ride-sharing services, or bicycles if feasible.

4. Cut back on impulse spending

Review your spending habits where necessary and cut back on impulse spending.

5. Explore alternative energy sources

During times of fuel shortage, consider purchasing renewable energy products like solar panels or inverters to power your home or business. By doing this, you can lessen your dependency on generators and lessen how much fuel subsidies affect your daily life.

6. Stay positive

Although dealing with fuel subsidies can be unpleasant, it’s crucial to stay positive throughout this time. Remember that it is only a temporary condition and that everything will return to normal at some point.