The general objective of this work was to find out the socio-economic effect of subsidy regime in Nigeria within the period of 1999-2014. Subsidy being a policy in Nigeria was meant to cushion the suffering of the masses and to encourage industries especially growing industries to be able to compete favorably in the market. This study was a survey research. And the methodology adopted was the simple random sampling technic. Primary and secondary sources were used to gather necessary information for the purpose of the research and the sampling technics adopted was simple random sampling. Questionnaire distribution was gotten. After the collection of the all data collected during the research, the researcher tested the hypotheses of the research using the chi-square tool and discovered that some of the problems subsidy regime policy includes that weak implementation caused by corruption and politicization. It was also discovered that lack of proper articulation was also the problem. Based on the findings, the researcher recommended that proper consultation should be done by the government which will involve stakeholders, non-governmental organization, businessmen and individuals so that they can know what is going on, and also proper articulation should be done so as to make the policy more flexible to adapt to change when the needs arrives.