Fuel Subsidy and its Economic Implication in Nigeria Kingdom Miebimo and Assoc. Prof Baghebo, Michael

Fuel Subsidy; its Economic Implication in Nigeria  Kingdom Miebimo; Assoc. Prof Baghebo; Michael

doi:10.56201/ijebm.v10.no7.2024.pg185.197

📄 Download Paper

Fuel Subsidy and its Economic Implication in Nigeria Kingdom Miebimo and Assoc. Prof Baghebo, Michael

Abstract

The research investigated the implications of fuel subsidies on Nigeria's economy, focusing on the ongoing debate about their removal from both political and economic perspectives. The study utilized primary data gathered through interviews, which allowed for a comprehensive analysis based on recorded information. A qualitative research design and content analysis method were employed. The findings revealed that citizens, particularly the poor, are experiencing hardships due to increased transportation costs and higher prices for food and other essential goods. Conversely, the government maintains that removing the fuel subsidy benefits the economy overall by redirecting funds to enhance infrastructure in sectors such as education, transportation, and health. The government argues that this move will also alleviate price distortions, reduce corruption, and eliminate inefficiencies. The study proposes several

Keywords

Fuel SubsidyNigerian EconomySubsidy RemovalChallengesWay forward

References

Adenikinju, A. (2013). Fuel subsidy removal in Nigeria: The debate, the economics and the politics, CBN Journal of Applied Statistics, 4(1), 1-25. Adenikinju, A., & Taiwo, O. (2013). The political economy of fuel subsidy removal in Nigeria. Oxford Energy Forum, 92, 4-7. Aregbeyen, O., & Adeyemi, O. (2014). An empirical analysis of the relationship between fuel subsidy and inflation in Nigeria, Journal of Economics and Sustainable Development, 5(10), 156-165. Aminu A. S. & Ramatu Y. (2022). Political economy of fuel subsidy removal in Nigeria: Issues, Challenges and the way forward. Zamfara Journal of Politics and Development | Vol. 3 No. 3. Babatunde S. O. (2019). Oil Price Shocks, Fuel Subsidies and Macroeconomic In stability in Nigeria. CBN Journal of Applied Statistics Vol. 10 No. 2. Eddidiong Hepoto (2022) Nigerian will save 40% on Energy cost if Compressed Natural th th Gas is deployed, in Punch Newspaper, 10 October, 2022. on 30 June, 2022 alleged and fingered Buhari government Evelyn B., (2018). ‘What is fuel subsidy history in Nigeria’ last modified January 9, 2018, https://www.legit.ng/1144554-what-is-fuel-subsidy-history-nigeria.html. Henry E. I., Emmanuel I., Eseosa O. & Abiola A. (2020). Petroleum Subsidy Withdrawal, Fuel Price Hikes and the Nigerian Economy. International Journal of Energy Economics and Policy ISSN: 2146-4553 Jerome, A., & Adeoti, J. (2012). Fuel subsidy in Nigeria: Impact on the economy, Journal of Economics and Sustainable Development, 3(13), 45-54. Ogunleye, E. O., & Ogundipe, A. A. (2017). Fuel subsidy and economic growth in Nigeria: Evidence from a vector error correction model, Nigerian Journal of Economic and Social Studies, 59(2), 145-166. Okongwu C. J. & Imoisi S. E. (2022). Removal of Petrol Subsidy: Legal Implications for the Nigerian Economy. NAUJILJ 13 (2). Opeyemi, A., Philip, O. A., Oluseyi, A., Amaghionyeodiwe, L. and Adeyemi, A. O. (2016). Fuel subsidy reform and environmental quality in Nigeria. International Journal of Energy Economics and Policy, 5(2), 540-549. 14. Ori, O. E., Obidebube, E. J. & Richard O. (2023). Fuel Subsidy Debate: The Nigerian Experience from 1999- 2023. International Journal of Advanced Research in Accounting, Economics and Business Perspectives p-ISSN: 2636-6894. Ovaga, O. H., & Okechukwu, M. E. (2022). Subsidy in the downstream oil sector and the fate of the masses in Nigeria. Kuwait Chapter of Arabian Journal of Business and Management Review, 1(6), 1-20. Owoye, O., & Adenikinju, A. (2010). Fuel subsidy in Nigeria: Is deregulation desirable?. African Economic Research Consortium. Peterson K. O. & Kingsley O. (2023). Implications of fuel subsidy removal on the Nigerian economy. Published version available at: https://doi.org/10.4018/978-1-6684-8903- 1.ch007. Victoria U. O., Esther C. E. Doris O. O. & David M.E. (2017). The political economy of fuel subsidy removal in Nigeria. African Journal of Politics and Administrative Studies, Vol. 9, 1. Yusuf G. M. (2023). Effects of fuel subsidy removal on economy and citizen's welfare in Nigeria. Lapai International Journal of Politics. Vol. 9 No 1

Fuel Subsidy and its Economic Implication in Nigeria Kingdom Miebimo and Assoc. Prof Baghebo, Michael

Abstract

Keywords

References

More Articles from IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT