Fuel subsidy removal policy implementation and socio-economic outcomes in Nigeria (2023-2026)

This study evaluates the implementation of the fuel subsidy removal policy in Nigeria between 2023 – 2026, and examines its socio-economic outcomes on citizens, businesses, and government finances. The study is anchored on Political Economy of policy reform (The social contract lens), while Poverty and Social Impact Assessment (PSIA) serves as the analytical framework for assessing the welfare consequences of fuel subsidy removal on different socio-economic groups in Nigeria. The study adopts a qualitative and analytical approach using secondary approach: data from government publications, academic journals, policy reports, and economic indicators. It assesses the extent to which the policy achieved its intended objectives and investigates the challenges encountered during implementation. Findings reveal that although the policy contributed to increased government revenue, improved fiscal savings, and renewed investor confidence, it also intensified economic hardship for many Nigerians through rising inflation, declining purchasing power, and increased poverty levels, among others The work recommends strengthening social safety nets, improving policy communication, and ensuring accountability in the utilization of funds generated from subsidy removal to enhance public trust and socio-economic welfare in Nigeria