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Implications of Fuel Subsidy Removal on the Nigerian Economy

Implications of Fuel Subsidy Removal on the Nigerian Economy

Peterson K. Ozili, Kingsley Obiora
Copyright: © 2023 |Pages: 16
ISBN13: 9781668489031|ISBN10: 1668489031|ISBN13 Softcover: 9781668489079|EISBN13: 9781668489048
DOI: 10.4018/978-1-6684-8903-1.ch007
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MLA

Ozili, Peterson K., and Kingsley Obiora. "Implications of Fuel Subsidy Removal on the Nigerian Economy." Public Policy’s Role in Achieving Sustainable Development Goals, edited by Mahani Hamdan, et al., IGI Global, 2023, pp. 115-130. https://doi.org/10.4018/978-1-6684-8903-1.ch007

APA

Ozili, P. K. & Obiora, K. (2023). Implications of Fuel Subsidy Removal on the Nigerian Economy. In M. Hamdan, M. Anshari, N. Ahmad, & E. Ali (Eds.), Public Policy’s Role in Achieving Sustainable Development Goals (pp. 115-130). IGI Global. https://doi.org/10.4018/978-1-6684-8903-1.ch007

Chicago

Ozili, Peterson K., and Kingsley Obiora. "Implications of Fuel Subsidy Removal on the Nigerian Economy." In Public Policy’s Role in Achieving Sustainable Development Goals, edited by Mahani Hamdan, et al., 115-130. Hershey, PA: IGI Global, 2023. https://doi.org/10.4018/978-1-6684-8903-1.ch007

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Abstract

The purpose of this chapter is to discuss the implications of the 2023 fuel subsidy removal in Nigeria. Using the discourse analysis methodology, the authors offer some insight into the macroeconomic and microeconomic implications of the 2023 fuel subsidy removal in Nigeria. The positive implications are that fuel subsidy removal would free up financial resources for other sectors of the economy, incentivize domestic refineries to produce more petroleum products, reduce Nigeria's dependence on imported fuel, increase employment, channel funds for the development of critical public infrastructure, reduce the budget deficit and generate a budget surplus in the near future, reduce government borrowing, curb corruption associated with fuel subsidy payments, increase competition, reinvigorate domestic refineries, and reduce pressure on the exchange rate.

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