AN EXAMINATION OF THE LEGAL AND STRATEGIC ISSUES OF FOSSIL FUEL SUBSIDY REMOVAL FROM NIGERIAN AND INTERNATIONAL PERSPECTIVES

Abstract

This study examines the legal and strategic issues of fossil fuel subsidy and it’s phasing out from the international as well as the Nigerian perspective. It examines the issues and strategies put in place for the phasing out of fossil fuel subsidy. This provokes the argument that subsidies even though desirable for developing communities, encourages wasteful consumption and spending without taking into account the specific social and economic needs as well as the conditions of developing countries hence encouraging the issue of inefficient fossil fuel subsidies which must be phased out or removed. It also breeds corruption by creating a class of elite importers of fuel who receive unjustifiable payments. This study relies on secondary data which enable reliance on the current international and regional moves on the issue and the possible challenges associated with the phasing out the fossil fuel subsidy.