Most people in Nigeria see fuel subsidies as their share of wealth from the country's oil reserves.However, evidence suggests that the subsidies—worth over NGN 2.19 trillion (US$ 13.6 billion) in 2011— mostly benefit the well-off. Significant amounts of expenditure have simply been lost to corruption. Moreover, the subsidies have increased reliance on fuel imports and contributed to the lack of investment in oil refining capacity.
Authors
Josiah Aramide, Christopher Beaton, Ikechukwu Ejekwumadu, Dr. Folarin Gbadebo-Smith, Olubusola Solanke, Damon Vis-Dunbar, Peter Wooders
- Published in
- Canada
