Removal of Petrol Subsidy: Legal Implications for the Nigerian Economy

Abstract

Nigeria is the biggest producer of crude oil in African, however it is so sad that we still import about 70% of petrol and have faced the problem of removal of petrol subsidy over the years, with most of our domestic refineries down and existing ones barely functioning. This problems can be linked to corruption, bad leadership and mismanagement of funds in continuous existence over the years with several ineffective measures put in place to curb them. Reforms concerning the removal of fuel subsidy in Nigeria have never been welcomed with open arms because of the tremendous effect it leaves on the nation and most especially the people who make up the nation. Although there are speculations by the federal government that the removal of the petrol subsidy will do the nation better than harm saving the nation’s economy to an extent, however past experiences and pre-measures intended by the government says otherwise. The removal of petrol subsidy and its legal implication on the Nigerian economy is a very crucial area for research. The aim of this research paper is to examine the proposed removal of petrol subsidy, its legal implication for the Nigerian economy and the effect of its removal.