FUEL SUBSIDY AND IT'S SOCIO-ECONOMIC EFFECT ON NIGERIA.
Abstract
This research examined fuel subsidy and its socio economic effectson Nigerian. The policy has resulted in significant financial losses for the government. Fuel smuggling has become a major problem and the policy has been linked to inflation, as it has resulted in increased prices for goods. The main objective of this study was to examine fuel subsidy and its socio economic effects on Nigerians however other objectives were stipulated; to investigate the impact of fuel subsidy on the Nigeria economy.
To analyze the social and economic
implications of fuel subsidy. To suggest alternative policies to address the challenges associated with fuel subsidy. The study therefore adopted the descriptive research with survey method. There is a relationship between fuel subsidy and a weak Nigerian economy.
Hence, the need for federal government to properly look into the affairs of the nation. The federal government should consider the cost of refining oil locally to know if it will be more economical to refine locally or to import refined oil. This will help to cut-down expenses.
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