Fuel price increased by 463% in Tinubu’s three years in office

Nigeria’s fuel price increased by 463.03 percent to a minimum of N1,340 per liter on June 2, 2026, compared to the N238 per liter rate recorded three years before President Bola Tinubu’s administration.

DAILY POST reports that in the period under review, the price of fuel surged by N1,102 per liter.

Tinubu announced the removal of fuel subsidy on May 29, 2023.

Fuel subsidy removal, alongside Naira exchange rate liberalization, are twin policies that pushed headline and food inflation to 15.69 and 16.09 percent in April 2026.

The immediate ripple effect was the astronomical rise in the prices of food, rent, transportation and cost of living for the majority of Nigerians.

Reacting, economist and former President of the Chartered Institute of Bankers of Nigeria, CIBN, Okechukwu Unegbu, said Nigerians are worse off under President Tinubu than they were three years ago.

He rated Tinubu’s economic performance at 20 percent, citing harsh economic realities Nigerians are currently grappling with due to his reforms.

According to him, the country’s 3.89 percent Gross Domestic Product growth rate cannot be traced to the marketplace and in the lives of Nigerians.

“I will rate him only 20 percent because despite the so-called GDP that has risen, you cannot trace that to the marketplace,” he told DAILY POST in an interview on Monday.