Economic and Social Implications of the 2023 Petroleum Subsidy Removal on Nigeria’s Development

Recently, the sudden increase in fuel price has often led to protests and social unrest, particularly among the low-income earners in Nigeria. This study therefore, examined the economic and social implications of the 2023 petroleum subsidy removal on Nigeria’s development, identifying the efforts of government toward addressing the issues and challenges of its removal. Expo-Facto research design was adopted, as well as secondary sources of data collection. The data collected were analyzed qualitatively through content analysis. The study is anchored on Social Contract Theory. Essentially, the study established that even when there were positive economic and social implications of petroleum subsidy removal, the negative aspects like (high cost of living, rising inflation, high unemployment rate and poverty margin, perceived public protests, etc.), and limited government efforts such as (inadequate financial support and wage awards, weak Presidential CNG initiative, poor support for businesses or palliatives, food insecurity and poor agricultural interventions, etc.) were significant, therefore, lacked the capacity to address the issues and challenges of its removal in Nigeria. The researchers recommended that the government at all levels should strengthen the policies and programmes to cushion the negative effects of petroleum subsidy removal, and identify the appropriate strategies to address the concerns like (poor investment on refineries, corrupt practices, etc.) against Nigeria’s development.