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Implication of the removal of fuel subsidies on nigerian economy
There is a strong resolve by Nigerians to resist government attempts to implement the European development fund (EDF) / IMF agenda to deregulate the downstream oil sector, which to the average Nigerian, simply means the removal of fuel subsidy. [ This is a hard sell, given the arguments presented by top bureaucrats in the Nigerian oil business and even more compelling, the candid revelations by
Enrique Amundel, the Venezuelan ambassador to Nigeria, on some ‘facts of the matter’ on the deregulation debates. Before we comment on these ‘facts of the matter’ that gave further boost to the ‘pro subsidy’ campaign, it would do to briefly analyse the implication and logic in ODA/IMF position in pushing the deregulation ‘conditionality’. Put bluntly, the removal of fuel subsidy in Nigeria is a direct affront to the millennium development goal number 1 of halving the number of people living in poverty by 2015 and at odds with global concern for the low levels of economic growth and recently reported declining human development index in Nigeria. It also smacks of double standards in the current patterns of State intervention in free markets and increased levels of protectionism in leading capitalist enclaves. It is also obvious that the pressure to remove subsidy is designed by experts with insufficient understanding of the Nigerian economy or who choose to ignore the inability of client governments to effectively implement anti poverty programmes planned as a wider element of a fiscal policy agenda. For more on the essay and source: ]
Expert answered|sharpies|Points 5212|
Asked 11/23/2011 9:03:16 AM
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