Oil Subsidy Removal and Its consequences on Poverty Reduction and Unemployment in Nigeria (Published)
The paper examined oil subsidy removal and its consequences on poverty reduction and unemployment in Nigeria, and also provides necessary strategies that could assist in cushioning these effects in the nation using a systematic scoping review. The findings revealed that the present oil subsidy removal posed significant effects on socio-economic status of the citizens by increasing the rate of poverty and unemployment in the nation. Also, several strategies have also been identified to cushion such lasting effects and include the redirection and redeployment of funds and savings from the oil subsidy removal to certain sectors of the economy and to also develop selected productive capacities, particularly in agriculture, manufacturing and services that tend to be labour-intensive and so on. Moreover, it was recommended that government should ensure the gradually phasing out of the oil subsidy over a period of time towards minimizing the significant effects of oil subsidy removal on the people, and provide targeted support to the vulnerable population and the low-income households towards helping individuals cope with the increasing in oil prices.
Keywords: Nigeria, Poverty, oil subsidy removal, unemployment