For several years, Nigerians enjoyed subsidized oil. It was then very shocking for Nigerians home and abroad to wake up on January 1st, 2012 to news that the subsidy had been removed. As an oil producing and exporting country, her citizenry could not understand why the subsidy placed on fuel was removed. This paper explores the history of oil subsidy in Nigeria and the rationale behind its introduction into the Nigerian economy in the first place. What are the benefits and costs of its continuance in the economy? Why did the government remove the subsidy? Was there enough communication of intent from the government to her people and why was the government adamant about reverting the removal? Has there been an occurrence of this in any other part of the world? Also,relationships will be drawn between what some Nigerians have called The Nigerian Harmattan and The Arab Spring.
|Presenter:||Oladoyin Zaccheus (Undergraduate Student)|
|Time:||10:45 am Session II|