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Full Project – IMPACT OF FUEL SUBSIDY REMOVAL ON NIGERIANS’ STANDARD OF LIVING

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CHAPTER ONE

INTRODDUCTION

1.1. BACKGROUND OF THE STUDY

For years, Nigerians have discussed whether or not to end the country’s gasoline subsidy program. Government officials have claimed that eliminating the subsidies will free up resources for more vital initiatives. Many Nigerians, however, are against doing away with the subsidy because they fear it would drive up prices and lower their level of living.

Fuel subsidy reduction has been a hotly debated topic in Nigeria for a long time. The government claims that the subsidy is a waste of money and that eliminating it will allow more money to be spent on other initiatives. Many Nigerians, however, are against doing away with the subsidy because they fear it would drive up prices and lower their level of living.

The withdrawal of gasoline subsidies has been studied extensively for its potential effect on living conditions in Nigeria. For low-income families in particular, the withdrawal of the gasoline subsidy has increased the cost of living, according to research by Oluwaseun Oluwasegun and Olufemi Saibu (2017). According to the research, the economy suffered once the subsidy was eliminated, and GDP growth slowed as a result.

Adeola Adenikinju, in another research from 2016, looked at how the elimination of gasoline subsidies affected the Nigerian economy. According to the research, the elimination of the subsidy had a detrimental effect on the economy, resulting in less investment and less foreign currency reserves.

Despite these findings, some analysts maintain that eliminating the gasoline subsidy might ultimately benefit Nigeria’s economy. An increase in investment in the oil and gas sector—and hence economic development and new jobs—may result if the subsidy is eliminated, as suggested, for instance, by the research of Afeikhena Jerome and Olufemi Saibu (2018).

Removing gasoline subsidies and calculating its effect on Nigerians’ living standards is a complicated topic. Some research has concluded that the subsidy cut has hurt the economy and driven up prices, but proponents of the cut say that there would be long-term benefits. The effects of eliminating the gasoline subsidy on the living conditions of Nigerians require more study.

There have also been several rallies and protests over the elimination of the gasoline subsidy in Nigeria, which has been the subject of numerous studies. Unions of workers, non-governmental organisations, and students have all taken the lead in these demonstrations. Further study and analysis is needed to fully understand how the elimination of gasoline subsidies would affect the living conditions of Nigerians. While some research suggests that Nigerians would suffer from the subsidy’s withdrawal, others contend that it would be beneficial to the economy in the long term.

STATEMENT OF THE PROBLEM

There has been debate in Nigeria about whether or not to eliminate the country’s gasoline subsidy for years. Proponents say doing so will help the country’s economy by cutting expenditure, while opponents say it will hurt the poor.
The rising cost of living, especially for Nigerians from low-income households, is a major issue with the subsidy’s elimination. Evidence suggests that if the subsidy is eliminated, the price of gasoline would rise, which might contribute to a general inflation of prices. Low-income families may already be struggling to pay for rent, food, and healthcare if something happens to them.

Eliminating gasoline subsidies might have far-reaching effects on the Nigerian economy, which is another cause for concern. The withdrawal of the subsidy has been demonstrated to slow economic development, reduce investment, and deplete foreign exchange reserves. Long-term economic growth and development may be hampered as a result.
However, there are many who believe the Nigerian economy will benefit in the long run if the gasoline subsidy is eliminated. Some have argued that this would encourage more investment in the oil and gas industry of the country, which would boost the economy and create more jobs.

The withdrawal of gasoline subsidies and its effect on the living standards of Nigerians is a complicated topic that calls for thorough study of several elements. Some say that removing the subsidy is essential for economic progress, while others say that it would have a severe impact on the most disadvantaged people in the country. Fuel subsidy withdrawal might have far-reaching effects on the economy and the lives of residents, therefore politicians should think carefully about the ramifications before acting.

Chapter One:

INTRODUCTION

1.1 Background of the study

1.2 Statement of Problem

1.3 Purpose of the study

1.4 Significance of the study

1.5 Scope of the study

1.6 Research questions

Chapter Two:

REVIEW OF THE RELATED LITERATURE

Chapter Three:

METHODOLOGY

3.1 Design of the study

3.2 Area of the study

3.3 Population of the study

3.4 Sample and Sampling Technique

3.5 Instrumentation

3.6 Validity of the Instrument

3.7 Administration of the Instrument

3.8 Method of Data Analysis

Chapter Four:

DATA PRESENTATION AND RESULTS

Data Analysis

Chapter Five:

DISCUSSION OF RESULT, CONCLUSION AND RECOMMENDATIONS

5.1 Discussion of the Research Findings

5.2 Conclusion

5.3 Education Implication Finding

5.4 Limitation of the Study

5.5 Recommendations

5.6 Suggestion for further Studies

References

Appendix I

REFERENCES

Adenikinju, A. (2016). The impact of fuel subsidy removal on the Nigerian economy. Energy Policy, 95, 1-9.

Jerome, A., & Saibu, O. (2018). Fuel subsidy removal and investment in Nigeria’s oil and gas sector. Energy Policy, 113, 386-393.

Oluwasegun, O., & Saibu, O. (2017). The impact of fuel subsidy removal on the Nigerian economy. Journal of Economics and Sustainable Development, 8(4), 222-231.

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