THE SOCIO-ECONOMIC IMPACT OF FUEL SUBSIDY REMOVAL POLICY ON NIGERIANS: A REVIEW OF ITS GAINS AND CHALLENGES
Iyamah Joy Obiageli and Mukoro Akpomurive
Volume 10 Issue 1
Abstract
The 2023 removal of the fuel subsidy in Nigeria marked a pivotal moment in the nation’s economic and social trajectory. This decisive policy shift has brought multitude of economic and social impacts that warrants rigorous investigation to comprehend its far-reaching consequences on Nigerians. It is against this backdrop that this review paper seeks to examine the impact of fuel subsidy removal policy on the socio-economic conditions of Nigerians. This is with a view to be a reference to guide and provide insights for policymakers, researchers, stakeholders in understanding the dynamics of poverty in Nigeria and the potential consequences of this policy decision. To achieve this, an extensive review of relevant materials from secondary sources of data. Based on the results obtained, recommendations are made to cut the cost of governance, government should show commitment, transparency and accountability in managing funds saved from subsidy removal and government should diversify its economy to other sectors, therefore eliminating over dependency on oil. Key words; Fuel Subsidy, Policy, Poverty, Government, Transparency
Download Paper