The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession

Adeniran Adetayo Olaniyi; Adekunle Emmanuel Adewale; Adeleke Ibrahim Ayodele

doi:doi:10.11648/j.ijes.20170102.13

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The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession

Adeniran Adetayo Olaniyi, Adekunle Emmanuel Adewale, Adeleke Ibrahim Ayodele

Published in International Journal of European Studies (Volume 1, Issue 2)

Received: 12 April 2017 Accepted: 2 May 2017 Published: 26 June 2017

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Abstract

This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun, said the economy was in a “technical” recession, their official confirmation came with the new figures released in August, 2016, meanwhile, fuel subsidy was totally removed by the present administration in May, 2016. This recession became noticed after almost three months when fuel subsidy was totally removed by the present administration. Various attempts by previous government administration to remove fuel subsidy have huge negative effects on the nations’ economy. For a developing country like Nigeria, fuel subsidy should be considered as major tool to enhance citizens’ welfare most especially the middle and low income earners, meanwhile, the disbursement of fuel subsidy must be properly monitored to guide against corruption as shown in the past administrations. Strict policies can be set aside as punishment (such as death sentence, life imprisonment and other costly punishments) for any corrupt office holder.

Published in	International Journal of European Studies (Volume 1, Issue 2)
DOI	10.11648/j.ijes.20170102.13
Page(s)	60-71
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Fuel Subsidy, Economic Recession, Transportation and Sound Policy

References

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APA Style

Adeniran Adetayo Olaniyi, Adekunle Emmanuel Adewale, Adeleke Ibrahim Ayodele. (2017). The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession. International Journal of European Studies, 1(2), 60-71. https://doi.org/10.11648/j.ijes.20170102.13

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ACS Style

Adeniran Adetayo Olaniyi; Adekunle Emmanuel Adewale; Adeleke Ibrahim Ayodele. The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession. Int. J. Eur. Stud. 2017, 1(2), 60-71. doi: 10.11648/j.ijes.20170102.13

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AMA Style

Adeniran Adetayo Olaniyi, Adekunle Emmanuel Adewale, Adeleke Ibrahim Ayodele. The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession. Int J Eur Stud. 2017;1(2):60-71. doi: 10.11648/j.ijes.20170102.13

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@article{10.11648/j.ijes.20170102.13,
  author = {Adeniran Adetayo Olaniyi and Adekunle Emmanuel Adewale and Adeleke Ibrahim Ayodele},
  title = {The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession},
  journal = {International Journal of European Studies},
  volume = {1},
  number = {2},
  pages = {60-71},
  doi = {10.11648/j.ijes.20170102.13},
  url = {https://doi.org/10.11648/j.ijes.20170102.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijes.20170102.13},
  abstract = {This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun, said the economy was in a “technical” recession, their official confirmation came with the new figures released in August, 2016, meanwhile, fuel subsidy was totally removed by the present administration in May, 2016. This recession became noticed after almost three months when fuel subsidy was totally removed by the present administration. Various attempts by previous government administration to remove fuel subsidy have huge negative effects on the nations’ economy. For a developing country like Nigeria, fuel subsidy should be considered as major tool to enhance citizens’ welfare most especially the middle and low income earners, meanwhile, the disbursement of fuel subsidy must be properly monitored to guide against corruption as shown in the past administrations. Strict policies can be set aside as punishment (such as death sentence, life imprisonment and other costly punishments) for any corrupt office holder.},
 year = {2017}
}

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TY  - JOUR
T1  - The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession
AU  - Adeniran Adetayo Olaniyi
AU  - Adekunle Emmanuel Adewale
AU  - Adeleke Ibrahim Ayodele
Y1  - 2017/06/26
PY  - 2017
N1  - https://doi.org/10.11648/j.ijes.20170102.13
DO  - 10.11648/j.ijes.20170102.13
T2  - International Journal of European Studies
JF  - International Journal of European Studies
JO  - International Journal of European Studies
SP  - 60
EP  - 71
PB  - Science Publishing Group
SN  - 2578-9562
UR  - https://doi.org/10.11648/j.ijes.20170102.13
AB  - This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun, said the economy was in a “technical” recession, their official confirmation came with the new figures released in August, 2016, meanwhile, fuel subsidy was totally removed by the present administration in May, 2016. This recession became noticed after almost three months when fuel subsidy was totally removed by the present administration. Various attempts by previous government administration to remove fuel subsidy have huge negative effects on the nations’ economy. For a developing country like Nigeria, fuel subsidy should be considered as major tool to enhance citizens’ welfare most especially the middle and low income earners, meanwhile, the disbursement of fuel subsidy must be properly monitored to guide against corruption as shown in the past administrations. Strict policies can be set aside as punishment (such as death sentence, life imprisonment and other costly punishments) for any corrupt office holder.
VL  - 1
IS  - 2
ER  -

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Author Information

Adeniran Adetayo Olaniyi

Department of Transport Management Technology, Federal University of Technology, Akure, Nigeria
Adekunle Emmanuel Adewale

Department of Transport Management Technology, Federal University of Technology, Akure, Nigeria
Adeleke Ibrahim Ayodele

Department of Transport Management Technology, Federal University of Technology, Akure, Nigeria

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APA Style

Adeniran Adetayo Olaniyi, Adekunle Emmanuel Adewale, Adeleke Ibrahim Ayodele. (2017). The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession. International Journal of European Studies, 1(2), 60-71. https://doi.org/10.11648/j.ijes.20170102.13

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ACS Style

Adeniran Adetayo Olaniyi; Adekunle Emmanuel Adewale; Adeleke Ibrahim Ayodele. The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession. Int. J. Eur. Stud. 2017, 1(2), 60-71. doi: 10.11648/j.ijes.20170102.13

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AMA Style

Adeniran Adetayo Olaniyi, Adekunle Emmanuel Adewale, Adeleke Ibrahim Ayodele. The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession. Int J Eur Stud. 2017;1(2):60-71. doi: 10.11648/j.ijes.20170102.13

Copy | Download

@article{10.11648/j.ijes.20170102.13,
  author = {Adeniran Adetayo Olaniyi and Adekunle Emmanuel Adewale and Adeleke Ibrahim Ayodele},
  title = {The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession},
  journal = {International Journal of European Studies},
  volume = {1},
  number = {2},
  pages = {60-71},
  doi = {10.11648/j.ijes.20170102.13},
  url = {https://doi.org/10.11648/j.ijes.20170102.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijes.20170102.13},
  abstract = {This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun, said the economy was in a “technical” recession, their official confirmation came with the new figures released in August, 2016, meanwhile, fuel subsidy was totally removed by the present administration in May, 2016. This recession became noticed after almost three months when fuel subsidy was totally removed by the present administration. Various attempts by previous government administration to remove fuel subsidy have huge negative effects on the nations’ economy. For a developing country like Nigeria, fuel subsidy should be considered as major tool to enhance citizens’ welfare most especially the middle and low income earners, meanwhile, the disbursement of fuel subsidy must be properly monitored to guide against corruption as shown in the past administrations. Strict policies can be set aside as punishment (such as death sentence, life imprisonment and other costly punishments) for any corrupt office holder.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession
AU  - Adeniran Adetayo Olaniyi
AU  - Adekunle Emmanuel Adewale
AU  - Adeleke Ibrahim Ayodele
Y1  - 2017/06/26
PY  - 2017
N1  - https://doi.org/10.11648/j.ijes.20170102.13
DO  - 10.11648/j.ijes.20170102.13
T2  - International Journal of European Studies
JF  - International Journal of European Studies
JO  - International Journal of European Studies
SP  - 60
EP  - 71
PB  - Science Publishing Group
SN  - 2578-9562
UR  - https://doi.org/10.11648/j.ijes.20170102.13
AB  - This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun, said the economy was in a “technical” recession, their official confirmation came with the new figures released in August, 2016, meanwhile, fuel subsidy was totally removed by the present administration in May, 2016. This recession became noticed after almost three months when fuel subsidy was totally removed by the present administration. Various attempts by previous government administration to remove fuel subsidy have huge negative effects on the nations’ economy. For a developing country like Nigeria, fuel subsidy should be considered as major tool to enhance citizens’ welfare most especially the middle and low income earners, meanwhile, the disbursement of fuel subsidy must be properly monitored to guide against corruption as shown in the past administrations. Strict policies can be set aside as punishment (such as death sentence, life imprisonment and other costly punishments) for any corrupt office holder.
VL  - 1
IS  - 2
ER  -

Copy | Download