Fuel Subsidy Removal as an Imperative for Enhancing Sustainable Development in Education in Nigeria
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Academic Journal Incorporations
Abstract
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Objectives: This paper looked at subsidy regime in Nigeria, how it is impacting negatively on the economy and reducing spending on other sectors of the economy like the education sector.
Methods: Content analysis was adopted for the paper. Both secondary and primary data were used in the paper to support points raised. The data were sources from national and international dailies, published, unpublished papers and articles and reference materials.
Finding: The paper discovered that funds spent on subsidy of petroleum in Nigeria can be re-invest in the other sectors of the economy especially education (tertiary education) and it would have multiplier effects on the economy in both short run and long run.
Conclusion: This paper concluded that the investment of some part of subsidy funds on the tertiary education in Nigeria would lead to adequate funding, infrastructural facilities development, adequate staff, quality research output, effective staff development, improvement international ranking, stable academic calendar and reduction in brain-drain problem.
Recommendations: The federal government should stop subsidy payment and invest the funds in the development of education (tertiary education) and other critical sectors.
Keywords
Government, Subsidy Payment, education, Institutions