President Bola Tinubu declared in his inaugural address that the petrol subsidy was gone, ending a policy that had cost the treasury trillions of naira a year and had survived repeated attempts at reform.
Queues formed at filling stations within hours and pump prices roughly tripled over the following weeks. The central bank separately allowed the naira to float, and the currency depreciated sharply against the dollar.
The government argued that the subsidy overwhelmingly benefited wealthier households and fuel smugglers. Labour unions and consumers pointed to the immediate effect on transport costs and food prices in an economy already facing high inflation.
