- The removal of fuel subsidy has sparked an increase in the price of petrol across Nigeria
- This subsequent increase in the price of petrol has caused a hike in transportation fares and foodstuffs
- As a result of the current situation, businesses in Nigeria are struggling to survive as the cost of operations increases
Businesses across Nigeria have been hit hard by the removal of fuel subsidy as declared by President Bola Tinubu during his inaugural speech on Monday, May 29, 2003, in Abuja.
That single declaration by the President has sent many Nigerians running helter-skelter as fuel stations immediately jacked up pump prices of petrol to as much as N700 per litre from N195 per litre.
