FUEL SUBSIDY REMOVAL AND NATIONAL DEVELOPMENT IN NIGERIA: 1999 - 2012

📄 Project Abstract

Fuel subsidy is critical to the Nigerian economy. It is argued that fuel subsidy for years has remained the only avenue through which the Nigerian government lived up to its socioeconomic responsibility to its citizenry; and the attempt to withdraw this policy has been interpreted as a move by the government to default on its responsibility. This study, therefore, investigates the effects of fuel subsidy removal on national development in Nigeria between 1999 and 2012. The specific questions for investigation were: Does the incremental increases in the pump price of fuel undermine the living standard of Nigerians? Has the fuel subsidy probe improved on national revenue accounting? Did the mass protests that accompanied fuel price increase undermine the economic stability of Nigeria? Public choice theory was adopted as the theoretical framework of analysis. The Ex-post facto design was employed as the research design. Data from secondary sources such as books, journals and official docu...