POLITICAL ECONOMY PERSPECTIVE ON POLICY IMPLEMENTATION: A STUDY OF NIGERIA FUEL SUBSIDY REMOVAL (2015-2024)
Abstract
ABSTRACT
This study examines the political economy implications of fuel subsidy removal in Nigeria between 2015 and 2024. Focused on the period between 2015 and 2024, this five-chapter thesis delves into the political economy perspectives surrounding Nigeria's fuel subsidy removal. It systematically examines the historical issues, the political and economic factors that shaped the removal decisions, and the resulting negative impact on the country's economy and the daily lives of its citizens, highlighting how these policies have fueled price hikes and infringed on livelihoods. Drawing on qualitative data and analyzed through the Public Choice Theory (as advanced by James Buchanan and Gordon Tullock), this research reveals how self-interest influences public policy decisions among political actors. Utilizing an econometric model, this research analyzes the relationship between petroleum consumption (PETCON), the Consumer Price Index (CPI), and petroleum subsidy (PETSUB). The findings indicate a significant impact of both CPI and PETSUB on petroleum consumption. The study further explores the economic and social consequences of subsidy removal, alongside the political factors influencing policy implementation and public response This study offers crucial insights into a complex national issue, providing a framework for better understanding and potentially addressing future policy challenges.
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