AN EXAMINATION ON THE EFFECT OF FUEL SUBSIDY REMOVAL ON LIVING STANDARD OF PEOPLE IN OSISIOMA NGWA L.G.A OF ABIA STATE
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ABSTRACT
This study was carried out to evaluate the effect of 2023 fuel subsidy removal on living standard of people in osisioma Ngwa L.G.A of Abia state. Specifically, the study aims to examine the reason behind the 2023 removal of fuel subsidy in Nigeria, investigate the effect of 2023 fuel subsidy removal on the livelihood of people in Osisioma Ngwa L.G.A of Abia state and recommend strategies to cushion the impact of 2023 fuel subsidy removal on the livelihood of of people in Osisioma Ngwa L.G.A of Abia state. The study employed the survey descriptive research design. A total of 259 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that the 2023 fuel subsidy removal have an effect on living standard of people in osisioma Ngwa L.G.A of Abia state. The study thereby recommend that government should create an enabling environment to stimulate private investment for the purpose of improving the local refining capacity with a view to meeting the ever increasing local demand of petroleum products as well as for exports. Related to the above is the need to use the oil windfall proceeds and the savings realized by the federal government from the withdrawal of subsidy to be channelled towards rehabilitation of the existing refineries, building additional ones and upgrading and developing of infrastructure within the polity, in areas such as waterways, rail and mass transit system, thus providing cheaper alternative transportation methods.
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