Contemporary Mismanagement of Public Finances in Nigeria: Ethical Insights on Tinubu’s Fuel Subsidy Removal Revenues

Abstract

This paper explores the ethical implications of the recent fuel subsidy removal in Nigeria under President Bola Tinubu’s administration, with a focus on the mismanagement of public finances. This study employs both the primary and secondary means of data collections. It adopts the Public Choice theory in evaluating its reflections. The substantial generalizations and conclusions were qualitatively delineated based strictly on the synthesis of the gathered data, using phenomenological and content analysis approaches. Observations suggest that the removal of fuel subsidies in Nigeria, a policy shift aimed at economic stabilization and reducing government expenditure, towards freeing up funds for developmental projects; sparks significant debate of alleged mismanagement of its revenues. Rationales for the allegation include amongst others, that the Nigeria’s domestic refineries are still not operational; zero or marginal improvement on the nation’s infrastructure, healthcare and education; delayed or incomplete public projects; inflation and hardship; together with insufficient transparency regarding the allocation and expenditure of the subsidy removal funds. This study provides the subsequent ethical insights into how Nigeria can better change its public finances to foster sustainable development and improve public welfare, scilicet: Strengthening institutional frameworks; promoting citizen engagement; implementing robust transparency measures; in addition to aligning incentives with public welfare.