Fuel Subsidy and Hyper Corruption in Nigeria
Abstract: Fuel subsidy has caused so much mightronares and troubles in Nigeria. It was the hydra problem confronting Nigeria national budget. Issues surfaced on the 29th day of May, 2023, when President Bola Ahmed Tinubu removed fuel subsidy in Nigeria. Greatest number of Nigerians accepted the removal of the fuel subsidy in good faith against the backdrop of its benefits. Fundamentally, the fuel subsidy in Nigeria was used as a conduit pipe to siphon Nigeria’s resources. For example, an erstwhile Minister of Finance in Nigeria in August, 2020 said the federal government of Nigeria spends about N18-397 billion (Naira) on fuel subsidy daily. Also, a forensic audit of Nigerian National Petroleum Corporation (NNPC) by Price Water House Coopers revealed that petrol subsidy cost Nigeria almost ten billion naira between January 2012 and July 2013. Subsidy also distorted market and frustrated investment. “The greatest happiness of the greatest number” theory is adopted as the theoretical framework for this study and used the historical design, and the data collected are from secondary sources. The paper also peruses at the reasons for the removal of fuel subsidy in Nigeria and the gains Nigeria will make thereafter in the fuel industries. This study finds among others that corruption has rubbished the fuel subsidy in Nigeria. This paper finally made some recommendations that government officials and private participants in the petroleum industry found guilty of corruption in fuel subsidy in Nigeria should be sent to the gallows among others.
Keywords: Fuel Subsidy: Corruption: Budget: Market Prices: Bureaucracy: Poor Masses: Nigeria.
