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ABSTRACT
The study focused on the impact of fuel subsidy removal on the standard of living of Nigerians. Specifically, the study empirically sought to examine the perception of Nigerians towards the policy as well as its impact on the income, expenditure, as well the savings pattern of Nigerians since the implementation of the policy. A survey research design was adopted and the population of the study were randomly drawn from individuals and businesses located within the ugbowo axis if Benin city, Edo state. A sample of size of 100 respondents were conveniently selected for the study. The study adopted the use of structured Questionnaires, tailored towards the objectives of the research, in obtaining data and responses from the respondents. A hundred copies of questionnaire was administered and retrieved for analysis. Research questions were raised and hypothesis generated to guide the conduct of the research; and the Data obtained from the respondents was analyzed using Descriptive statistics, mean frequency, Linear Regression models, Analysis of Variance (ANOVA), and Independent t-test through the Statistical package for Social Sciences (SPSS). Findings obtained from the study indicates that, Nigerians perceives the subsidy removal policy negatively, the policy caused severe hardship to Nigerian, and it had adverse effects on the standard of living of Nigerians. Based on the findings, the study recommends amongst other things that; in order to mitigate the immediate hardships caused by fuel subsidy removal, the government should establish robust social safety nets and palliative measures. These could include targeted subsidies for essential goods, cash transfer programs for vulnerable populations, and support for small and medium-sized enterprises (SMEs) to help stabilize income, expenditure, and savings for citizens.
