Well it is no longer news that the price of petrol in Nigerian has change from
N86.5k to N145. Today we examine from the data if government policy actually corrected some of price anomalies that characterized the petrol scarcity crisis which rocked the country early this year.
Data clearly shows how some states have benefited from the new price adjustments (paid less compared to the previous periods during petrol scarcity ) some examples include states like Ekiti which once paid
N202.78k as at April 2016 but after government`s new price policy implementation, average purchase price of petrol by households as at May 2016 stood at N156.39k representing a 22.87% fall in price.
Anambra which once paid
N193.85k as at April 2016 after government`s new policy implementation,average purchase price of petrol by households as at May 2016 stood at N147.08k representing a 24.13% fall in price.
However the same cannot be said for all states within the federation , as some states which enjoyed preferential treatment with regards to the old price and supply regulation policies ,now pay more following the new policy by government.
For instance Lagos which once paid an average price of
N92.59k as at April 2016 after government`s new policy implementation,average purchase price of petrol by households as at May 2016 stood at N144.75k representing a 56.33% rise in price.
The Federal Capital Territory which once paid an average price of
N107 as at April 2016 after government`s new policy implementation,
average purchase price of petrol by households as at May 2016 stood at
N145 representing a 35.51% rise in price.
We await June 2016 data release by Nbs for further interpretation .
Over the years price of petrol as been regulated by various successive governments in Nigeria. In 2012 the Federal government announced the complete removal of petrol subsidy (Petrol was priced at N141 naira per liter ) which lead to a nationwide protests after which the government agreed to a partial removal of subsidy (Petrol was priced at N97 naira per liter ).
In Jan 2015 government announced a price decrease in the regulated price of petrol (Petrol was priced at N87 naira per liter ). In January 2016 government also announced another price decrease (Petrol was Priced at N86.50 naira per liter )
Today the country is currently experiencing fuel supply challenges , government has announced a new price hike on 11th may 2016 signaling the removal of petrol subsidy (Petrol now priced at N145 naira per liter ).
Will this new policy finally ease supply challenges and stimulate more investment into the petroleum sector??????
The Price of crude oil has taken a big hit (fall in prices) , federally allocated revenue from the sale of crude oil to all states within Nigeria have been affected (declining revenues). This current trend has affected the fiscal policies of many states , with a lot of states having challenges in meeting up with their obligations. The internally generated revenues (IGR) constitutes other source of incomes to the states apart from the federally allocated revenue from the sales of crude oil.
States would now have to rely more on increasing internally generated revenue by ensuring everyone pays his or her own fair share of taxes. State that can effectively and efficiently increase their Internally generated revenues would find fiscal policy implementation less of a headache than those would can`t.
The visualisation below shows the IGR for 36 states within the federation the size of the bubble is an indication of the amount Internally generated revenue for the 2014 year.
Concluding remarks it is hope that public policy makers would take concrete steps at improving their IGR to avoid fiscal policy crisis.
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