(price) stabilized at N65.00 a litre. In view of the foregoing, it is not out of place to state without mincing words that during these periods of subsidy removal or withdrawals/Nigeria never experienced good times or moments of joy, instead their demands eluded them. In order words the benefit expected from the removal of fuel subsidy was vividly lost. This was followed by rise in the poverty level among Nigerian masses due to increase unemployment rate, uncontrolled inflation, lack of health facilities and other social vices that is to say therefore, withdrawal of fuel subsidy translated into automatic increase in the pump price per litre of the commodity.
Nigeria has the highest pump price per litre among the OPEC members available. it is ironical for Nigeria to increase the price of fuel through removal of subsidy, when presently she ranks the first in the production of crude oil in Africa and Sixth in the world. Umokoro A. and Adeyemi A, (2011:50). Nigeria currently in the frame work adopted of the listed criteria in the frame work adopted in UNEP (2003) study on energy subsidy that would justify the continued imposition of a subsidy.
So far, government’s plans have only been discernable from press statements or interviews given by officials. Nigeria currently does not meet any of the listed criteria in the frame work adopted in a UNEP 2003 study on energy subsidy that would justify the continued imposition of a subsidy. So far, government’s plans have only been discernable from press statements or interviews given by officials.
Statements attributed to some government officials and the president (this day, 23 October 2011) suggests a number of plans and projects including:
• Setting up a fund from the withdrawn subsidy to be managed by a committee of highly respected Nigerians.
• Infrastructural and social services projects involving road constructions, major public maintenance works and improving on the progress made in power generation and distribution through additional investment.
• Facilitation of a comprehensive mass transportation system, schemes for skilled and unskilled youths, social programs targeted at pregnant women, children and elderly.
• Public private partnership to establish refineries and increase domestic fuel production and supply.
However, federal government is yet to present a detailed plan with specific projects that will cushion the initial shocks to the economy and difficulties that may be suffered by the poor and vulnerable groups in the society (centre for public Alternatives, 2012).
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