Journal of Accounting Research and Practice’ Vol. 6(1) 145-159
The Turmoil in the petroleum Industries in Nigeria
Persistent hike in petrol price usually affects every activity in Nigeria. The study examines the trend of increase in pump price of petrol, consumption of petrol, and subsidy payment by the federal government using conceptual analysis, trend analysis and opinion of eminent Nigerian, Stakeholders, Businessmen, member of civil society organization and other information from newspapers, magazines, gazettes, bulletins and press releases. The finding revealed that as result of gradual removal of subsidy in recent time the amount of money budgeted for subsidies have been diverted to develop other area of the economy. Moreover, there are evident from the public opinion that payment of subsidy is scandalous because this huge amount of money is going into individual pocket. Consequently, this study recommends that federal government should encourage investors to build refineries and there should be accountability and transparency in the petrol industry.
