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Al Jazeera
Al Jazeera
Business
Ope Adetayo

Nigeria fuel subsidy cut and spiralling costs: What to know

Nigeria's President Bola Tinubu announced a controversial fuel subsidy cut during his inauguration on May 29, 2023 [Temilade Adelaja/Reuters]

The administration of Nigeria’s new president, Bola Ahmed Tinubu, has started with a snag.

At his inauguration on Monday, Tinubu announced the total removal of the highly controversial but popular fuel subsidy, resulting in high prices and long queues nationwide. Although the policy goes into effect on July 1, it has already sparked concerns – and chaos – as Nigerians rush to buy fuel before its cost increases even further.

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