Evaluation of Mass Media on Fuel Hike and Subsidy Removal: Paths to a Lasting Solution on Nigerian Economical Redundancy

Abstract

This paper opines mass media evaluation on fuel hike and subsidy removal: Paths to a lasting solution on Nigerian economical redundancy. Fuel is an automobile energy sold at 50k per litre under Olusegun Obasanjo the Head of State in 1978. It increased from N87 to N145 per litre in 2015 under President Muhammadu Buhari's regime and caused a chronic economic crisis, as a result of fluctuations in global oil prices of the mid-1980s. Thereby, the subsidy introduced in 1970s to make fuel prices affordable and value the naira turned into corruption in Nigeria. Its removal by the elect president Tinubu during inauguration in May 2023 skyrocketed fuel price from N200 to N550 which also sold at N780 in July and sold at N1,025 per litre in Oct., 2024. Survey method was used to sample peoples' opinions in public/private sectors and market place. From three hundred and fifty questionnaires distributed as 130 for public, 110 for private sector and 110 for market place, 290 collected represents 85%. It discovered that frequent fuel hike and subsidy removal worsened the economic conditions as the Nigerians overwhelmed with an insatiable financial exercise by feeding in hardness. The fuel hike that caused by the Federal Government is detrimental to the Nigerian economy. Media exercised magic bullet theory for firing bullets of information at audience by transferring ideas, feelings, knowledge or motivations. The paper concludes and recommends that: The inflatus prices of commodities can be reduced to improve the economy, if Federal Government reduces fuel price to N200 per litre, regulates sales activities especially in foreign exchange rate, repairs refineries, establishes advanced factories, empowers the youths and farmers, and depends not on fuel alone.