Fuel prices surge 463% under Tinubu, hitting N1,340 per liter

Fuel price increased by 463.03 percent to N1,340 per liter on June 2, 2026, compared to N238 per liter three years ago before President Bola Tinubu's administration. According to DAILY POST, the price surged by N1,102 per liter during this period, following Tinubu's announcement of fuel subsidy removal on May 29, 2023.

The twin policies of subsidy removal and Naira exchange rate liberalization pushed headline inflation to 15.69 percent and food inflation to 16.09 percent in April 2026. This led to astronomical rises in food prices, rent, transportation costs, and overall cost of living for most Nigerians.

Economist and former CIBN President Okechukwu Unegbu rated Tinubu's economic performance at 20 percent, noting that despite the country's 3.89 percent GDP growth, 'you cannot trace that to the marketplace.' He stated Nigerians are worse off now than three years ago, with harsh economic realities affecting daily life nationwide.

SOURCE: https://dailypost.ng/2026/06/02/fuel-price-increased-by-463-in-tinubus-three-years-in-office/