# Nigeria removes fuel subsidy (2023), petrol prices surge

Date: 2023

On taking office on 29 May 2023, Nigerian President [Bola Tinubu](/people/econ-actor-bola-tinubu) announced the end of the long-standing petrol subsidy ('subsidy is gone'). The reform removed a large fiscal cost, while the World Bank reported that the average retail petrol price had risen 163% by December 2023 and that households faced severe [cost-of-living pressure](/drivers/econ-cost-of-living-pressure). This record separates the documented policy act from contested judgments about its longer-term effects.

## People

- Bola Ahmed Tinubu: https://factrail.ai/people/bola-tinubu

## Drivers

- Cost-of-Living Pressure: https://factrail.ai/drivers/econ-cost-of-living-pressure

## Sources

- https://www.aljazeera.com/news/2023/5/31/nigeria-fuel-subsidy-cut-spiralling-costs-all-you-need-to-know

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/econ-nigeria-fuel-subsidy-removal-2023