Abuja leads, Lagos 11th: List of 15 states hardest hit by Tinubu’s fuel subsidy removal in 4 months

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It has been four months since President Bola Ahmed Tinubu declared on Monday, May 29th, 2023, that the fuel subsidy had been removed.

Since the announcement, the average cost of Premium Motor Spirit (Petrol) has consistently increased and is now at a record high.

According to the latest price watch report from the National Bureau of Statistics in August 2023, the average retail price paid by consumers for petrol in Nigeria was N626.70.

This indicates a 230.78% increase compared to the N189.46 average price recorded in August 2022.

Likewise, comparing the August 2023 average price value with the N600.35 consumers paid in July 2023 represents an increase of 4.39%, Punch report.

NBS further revealed that for August 2023, Taraba State had the highest average retail price of petrol at N680.00.

Borno and Benue States were next, with N657.27 and N649.14, respectively. Meanwhile, Adamawa, Rivers and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N594.81, N596.80 and N604.63, respectively.

Lastly, on the Zonal profile, the North-East Zone had the highest average retail price of N636.93, while the South-South Zone had the lowest price of N616.95.

Further analysis by Legit.ng shows that petrol price changes have been the worst hit since Tinubu assumed office.

As of May 2023, when the declaration of fuel subsidy removal was made, NBS data shows an average petrol price in the country of N238.11 per litre.

This means that with the August average price of N626.70, the cost of petrol has risen by 163% in the last four months.

Meanwhile, in another report, the Nigeria Labour Congress (NLC) refuted President Bola Tinubu's claim that over N1 trillion has been saved since his government stopped paying for the fuel subsidy.

Comrade Joe Ajaero, the NLC president, said the Federal Government's committee to negotiate with the unions revealed that no money was saved since the subsidy was removed.