Unaffordability of fuel prices after the removal of the fuel subsidy in Nigeria 2023

Based on a survey conducted in 2023, after the decision of the removal of the fuel subsidy taken by the Nigerian federal government, 50 percent of respondents reported that they would not afford to buy fuel if its price reached anywhere from 537 to 549 Nigerian naira per liter, which is equivalent to 0.72 to 0.74 U.S. dollars. On the other hand, only four percent of respondents reported that they could not pay for fuel if its price exceeded 1,000 Nigerian naira, which is equivalent to 1.31 U.S. dollars..
According to the source, this decision was taken by the government to lighten its economic burdens, as the cost of maintaining the the fuel subsidy has increased over the years.