The removal of fuel subsidies in Nigeria has had profound socio-economic consequences, particularly for students of public universities in Cross River State. This study examines the impact of this policy change on students, focusing on transportation costs, cost of living, and overall academic well-being. Utilizing a survey research design, data were collected from 180 final-year undergraduate students across two major public universities in the state. The findings reveal a strong positive correlation between transportation costs and students’ ability to attend classes regularly, as well as between the rising cost of living and students’ financial struggles. Many students face increased transportation expenses, higher accommodation costs, and greater financial insecurity, leading to potential declines in academic performance and mental health challenges. The study highlights the urgent need for policy interventions, such as government-subsidized transportation schemes and student welfare support programs, to mitigate these effects. The research underscores the necessity for inclusive policies that ensure continued access to higher education despite economic shifts.