SOCIO-ECONOMIC IMPACT OF FUEL SUBSIDY REMOVAL AMONG STUDENTS OF ADEKUNLE AJASIN UNIVERSITY, AKUNGBA -AKOKO.
Abstract
This study examined Socio-economic impact of Fuel Subsidy Removal on Students of Adekunle Ajasin University. Akungba-Akoko. The objectives of this study are to assess the impact of fuel subsidy removal on students' transportation costs, examine the effect of increased living costs on students' academic performance, analyze the influence of rising expenses on students' mental well-being, and investigate the coping strategies employed by students to manage the financial strain caused by subsidy removal.
The study made use of quantitative method through structured questionnaires administered to 120 respondents from Adekunle Ajasin University, Akungba-Akoko. The quantitative data collected from the study were analysed using descriptive and inferential statistics
The findings revealed that 80.8% of the respondents lived off-campus while the remaining 19.2% lived On-Campus. It further stated that majority (50%) had significant increase in their monthly transportation costs hence this led to majority of the students missing classes due to transportation costs. It further implied that increased costs also caused anxiety or stress and in response to coping, 31.4% reduced spending on non-essential items. The hypothesis testing confirmed that there is strong evidence to suggest that the removal of fuel subsidies has significant socio-economic impact. (p-value = .012).
Based on the findings, the study recommends that the government should provide targeted interventions such as transportation subsidies or student palliatives to cushion the effects of subsidy removal, the university management should strengthen student support services by providing affordable shuttle buses or subsidized transport options, students should adopt prudent financial management practices and explore collaborative measures such as ride-sharing to reduce the cost burden and the government should invest in public transportation infrastructure around university towns
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