Subsidy Removal: Comparing Fuel Price Increases Under Jonathan and Tinubu

In 2012, the Jonathan administration’s subsidy removal proposal would have moved petrol from ₦87 to ₦145, an increase of about 60%. Crude oil sold for roughly $110 per barrel at the time, and Nigeria had no functioning local refining capacity. In 2023, petrol prices rose from about ₦198 to ₦600 after President Tinubu removed subsidy. They have since climbed to around ₦1,300, representing an increase of about 656%. This happened despite lower crude prices and the return of local refining capacity. I believe the subsidy removal policy has failed to deliver the promised relief. Despite claims of savings, the government has continued to borrow heavily, while ordinary Nigerians face much higher fuel and living costs.

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