Fuel Subsidy Cut in Nigeria: Where Did the Savings Go?

In 2023, the government ended fuel subsidy to ease the nation’s financial burden. Officials warned that subsidy payments were draining public funds and driving up debt. Today, public debt has climbed to ₦121 trillion while prices for food, transport and other essentials keep rising. Many Nigerians ask: if subsidy removal saved money, why is life still so expensive? This Nigeria Daily episode features interviews with ordinary citizens on the impacts of higher costs. We also hear from a public policy commentator on how the savings are managed and an economist weighing in on whether the policy improved Nigeria’s economy or merely shifted the burden onto citizens. Tune in to the latest Nigeria Daily podcast on Trust Radio for these insights and join the conversation on subsidy removal and its real effects.

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