Did Removing Fuel Subsidy Really Save Nigeria?

When Nigeria removed fuel subsidy in 2023, the decision was presented as a painful but necessary step to rescue the nation’s finances. Government officials argued that subsidy payments were draining public resources and pushing the country deeper into debt.

Today, Nigeria’s public debt has climbed to about ₦121 trillion, according to the Debt Management Office, while prices of food, transportation, and other basic needs continue to rise across the country.

Many Nigerians now find themselves asking a difficult question:
If removing fuel subsidy saved money, why is life still so expensive?

Today on Nigeria Daily, we speak with ordinary Nigerians feeling the daily impact of rising costs, a public policy commentator on how subsidy savings are being managed, and an economist on whether removing fuel subsidy truly saved Nigeria’s economy or simply shifted the burden onto citizens.