FISCAL POLICY AND ALTERNATIVES TO SUBSIDY REMOVAL IN NIGERIA
Keywords:
Fiscal Policy, Alternatives, Subsidy Removal, NigeriaAbstract
This study examined the ramifications of fiscal policy and alternatives to subsidy removal in Nigeria, emphasizing public perceptions, socio-economic impacts, and feasible alternatives. Employing a descriptive survey research design, data were gathered from 400 respondents representing diverse demographics to assess sentiments regarding the removal of gasoline subsidies. The study indicated a notable disparity in public sentiment, with numerous individuals voicing apprehensions regarding rising living expenses and the possible intensification of poverty rates. Respondents expressed a preference for targeted subsidies and renewable energy options as viable alternatives to the current subsidy system. Statistical investigations, such as chi-square tests, revealed the correlation between demographic characteristics and opinions towards subsidy policies, emphasizing the necessity for a nuanced approach to fiscal reforms. The results underscored the significance of instituting tailored subsidies to mitigate the effects on at-risk communities and the imperative of improving public understanding about the consequences of subsidy removal. The research advocates for investment in renewable energy infrastructure to diversify the economy and diminish reliance on fossil fuels. The findings emphasize that for successful subsidy reform, the government must implement policies that prioritize social equality and ensure economic sustainability. The study advocates for proactive stakeholder involvement in policymaking to promote inclusive and informed decision-making processes. Furthermore, it promotes ongoing assessment and evaluation of policy effects to modify methods as required. Future research should focus on investigating the long-term socio-economic impacts of subsidy elimination on particular demographics and analyzing international best practices in subsidy reform. This study's consequences are significant for policymakers, emphasizing the essential equilibrium between fiscal efficiency and social responsibility. The research enhances the conversation on economic reform in Nigeria by offering actionable insights that can guide future fiscal policies and improve public welfare.Downloads
Published
2024-12-31
How to Cite
Percy, N. A., & Gloria, A. O. (2024). FISCAL POLICY AND ALTERNATIVES TO SUBSIDY REMOVAL IN NIGERIA. FULafia International Journal of Business and Allied Studies, 2(4), 164–187. Retrieved from http://fijbas.org/index.php/FIJBAS/article/view/139
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