In May 2023, Bola Tinubu of the All Progressives Congress (APC), kicked off his administration as the president of the Federal Republic of Nigeria.
On that fateful day, as he mounted the podium for his inaugural speech, President Tinubu declared the immediate removal of fuel subsidy, a move that has significantly impacted the Nigerian economy and the daily lives of its citizens.
Weeks after experiencing the effect of the removal of subsidies, Tinubu had urged Nigerians to bear what he described as ‘baby sacrifices’.
This policy shift saw a dramatic increase in petrol prices across the country, with rates now starting from around ₦615.
The Burden
The decision to eliminate the fuel subsidy, long considered a financial burden on the nation’s budget, was aimed at reallocating resources to more critical sectors of the economy.
However, the immediate aftermath has seen petrol prices soaring to unprecedented levels.
This does not just affect transportation costs but also the price of goods and services nationwide.
Petrol prices now vary significantly across different states and among various companies.
This reflects a mix of transportation costs, operational expenses, and market dynamics.
The Consequences
This variability has added an element of unpredictability to the already challenging situation faced by Nigerians.
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One cannot imagine what those whose livelihoods depend on petrol for transportation, logistics, and small-scale power generation are going through now.
Amid rising costs of living, there are calls for the government to implement measures to cushion the effects of the subsidy removal on the most vulnerable segments of the population.
Here is the wiggling price of petrol in some states in Nigeria:
Kwara State: ₦645 – ₦675
Oyo State: ₦670 – ₦680
Lagos State: ₦660
Ondo State: ₦640 – ₦670
Anambra State: ₦670
Abia State: ₦600 – ₦650
Imo State: ₦680
Ebonyi State: ₦670
Abuja: ₦650
Kano State: ₦640 – ₦670
