Abstract
Nigeria is a country blessed with large quantities of crude oil deposits, but the revenue generated from the oil has added little or nothing to the lives of Nigerians. More worrisome is the fact that the issue of oil subsidy removals by successive administrations has been a matter of controversy, as the proceeds from the removals have not impacted on the development of the country Rather, the bulk of the proceeds fritter away into private pockets, thus leaving the nation in state of decay and total neglect. This paper therefore, tries to examine the impact of oil subsidy removal on infrastructural development in Nigeria. It is therefore recommended that proceeds from subsidy removal should be monitored effectively so as to ensure that they are invested in critical infrastructural development of the country.
Highlights
Nigeria is one of the largest countries in the sub-Saharan Africa
More worrisome is the fact that the issue of oil subsidy removals by successive administrations has been a matter of controversy, as the proceeds from the removals have not impacted on the development of the country Rather, the bulk of the proceeds fritter away into private pockets, leaving the nation in state of decay and total neglect
The broad objective of this study is to examine the impact of subsidy removal on infrastructural development in Nigeria while the specific objectives are as follows: 1. To ascertain the extent to which oil revenue has impacted on the development of infrastructural facilities in Nigeria
Summary
Nigeria is one of the largest countries in the sub-Saharan Africa. The country is rich both in human and material resources and she is richly blessed especially with crude oil. Nigeria discovered oil in large quantity on the 15th of January, 1956 at Oloibiri in Ogbia Local Government Area of Bayelsa State. After this initial discovery, oil has been discovered in some other states of the country, thereby making Nigeria to pride herself as the 6th largest exporter of oil in OPEC (Balougoun, 2012), Africa’s second largest producer of crude oil after Libya, eightieth largest exporter in the whole world (Ovaga, 2012). The proportion of GDP accounted by agriculture was 67.0% and petroleum accounted for 0.6%, with this, the various marketing boards generated much revenue that was used by government to develop the basic infrastructure needed for long term development of the country (CBN Bullion, 2008)
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