Legal Implications Of The Removal Of Oil Subsidy On Energy Security In Nigeria
- IJLLR Journal
- Jul 9
- 1 min read
Terlumun Godfrey Ieave, LL.M, Nasarawa State University, Keffi
ABSTRACT
Oil is the heart of the Nigerian economy, not just because it constitutes over 70% of Nigeria’s exports in the foreign market but also because it is the major supplier of the energy which Nigerians use daily to power their industries, transportation system, healthcare facilities, offices and home appliances. Because of how crucial oil is to survival of people and businesses in Nigeria, the Nigerian government had subsidised the prices of oil products for her citizens just to make them available and affordable. Recently, however, the government of President Bola Ahmed Tinubu decided against continuing with the provision of oil subsidy, a decision which has generated so much controversy and debate among Nigerians. Using the doctrinal research methodology, this work examined the legal implications of the removal of oil Subsidy with specific focus on how it affected energy security in Nigeria. The research looked at the history of oil subsidy in Nigeria, its removal from time to time by some governments in Nigeria and the ripple effects such removal has had on energy security in Nigeria. It was found, among other things that the removal of oil subsidy has various legal implications on energy security in Nigeria including on the availability, accessibility and affordability of energy resources to the general population. For one, prices skyrocket in a manner that the population suffers significantly. From this conclusion, it was recommended that for Nigeria to deal with the implications of oil subsidy removal, proper arrangements must be put in place to cushion those implications.
