Removal of Fuel Subsidy and Economic Hardship: The Role of the Oyo State Council of Obas and Chiefs

fuel subsidies Removal has caused more harm than curbing the corruption associated with the government on fuel subsidies and strengthening the Nigerian economy. This resulted in economic hardship with an increase in inflation, food insecurity, and high cost of transportation. This occurred because the state government has incorporated the council of Obas and chiefs into measures to mitigate the challenges of economic hardships at the grassroots. The paper therefore examines the role of the Obas and Chiefs Council on economic hardships in Oyo state caused by the fuel subsidy removal. The paper uses qualitative methods such as newspaper, journal, and Internet information to address the theoretical and empirical concerns. Structural functionalism theory was used to examine the role of the council of Obas and chiefs on economic hardship in Oyo state. The paper revealed that the involvement of traditional rulers would address food insecurity and influence the cost of transportation because of their relationship with the leadership of the markets around them (Iya loja and Babaloja). This would bring down the inflated prices of the goods and identify those harboring them because these markets are their products. This involvement would create an “informal economic system” that would address, the challenges of fuel subsidy removal and bring more people to the state taxation. It would serve as an avenue to increase the Internally Generated Revenue in the state. Their involvement would encourage a value-driven society with peaceful co-existence that would ensure a secure environment for farming and businesses among their people in their domains. The paper recommends that the state government establish an informal economic system comprising the traditional rulers, traders of all markets, and government agencies. This would encourage peaceful trade relations among the communities around the state to address, food insecurity, inflation, and the high cost of transportation. Traditional rulers should be fully incorporated in the methods and measures of mitigating the challenges of economic hardships for a value-driven society with peaceful co-existence among their people, with a secure environment for farming and business in the state