Loading article...
Three years of Tinubu presidency: petrol prices surge from 500 to 1,400 naira as subsidy removal bites
Nigeria marks three years since President Bola Tinubu took office with his landmark decision to remove fuel subsidies. Petrol prices have surged from 500 naira to between 1,300 and 1,500 naira per litre in some states, with citizens feeling the impact daily.
Nigeria marks three years since President Bola Ahmed Tinubu was sworn in on May 29, 2023, with his presidency defined by the momentous decision to remove fuel subsidies announced during his inaugural address. The former Lagos governor declared that subsidy was gone, a move that sent shockwaves through the Nigerian economy within 24 hours.
The impact on ordinary Nigerians has been severe. Petrol prices surged from approximately 500 naira per litre immediately after the announcement to between 1,300 and 1,400 naira currently, with some states seeing prices reach 1,500 naira per litre. The unified exchange rate policy, another major reform, also brought significant economic disruption.
President Tinubu had promised that savings from subsidy removal would be channelled into public infrastructure, education and job creation. Three years on, Nigerians are assessing whether those promises have materialised while grappling with the daily reality of high fuel costs and their cascading effects on transport, food prices and overall cost of living.
The president released a statement marking the anniversary, while analysts and commentators have been reviewing the trajectory of his administration's economic policies. The subsidy removal, combined with the exchange rate unification, represented the most significant economic reforms Nigeria had undertaken in decades.
Critics point out that the portion of the inaugural speech about subsidy removal was reportedly not in the original prepared text, suggesting it was a spontaneous declaration of the administration's resolve. Supporters argue the reforms were necessary structural adjustments, though the human cost continues to be felt across the federation, as reported by Channels Television.