SOCIO-ECONOMIC IMPLICATIONS OF 2023 FUEL SUBSIDY REMOVAL ON THE ORDINARY CITIZENS IN NIGERIA: A FOCUS ON ABAKALIKI METROPOLIS, EBONYI STATE

Abstract

Crude Oil is the main source of revenue in Nigeria. The revenue the country generates from oil annually is enough to feed its citizens, but the reverse is the case. There is poverty in the mix of plenty in Nigeria. Over time, policies have been made to improve the economy of the country, including but not limited to the removal of subsidies on fuel. The government removes subsidies on fuel, claiming to use the funds generated from it and establish long-term goal projects that will create employment opportunities for the citizens. It is consequent upon this that the study is carried out to investigate the socio-economic implications of the 2023 fuel subsidy removal on the ordinary citizens in Nigeria, focusing on Abakaliki, Ebonyi State. The study adopted mixed methods. Questionnaires were distributed to two hundred and fifty (250) respondents, who live in Abakaliki metropolis between the ages of 18-68 years and above, while seven (7) persons were interviewed. Results indicate that the removal of the subsidy on fuel in 2023 by President Bola Tinubu made life difficult for ordinary citizens. The study concludes that if the funds generated from the subsidy on fuel can be invested in manpower development, the high rate of unemployment will be somewhat reduced. The study therefore recommends that the federal government should use the funds generated from fuel subsidy removal and create job opportunities for the citizens.