Nigeria, March 13 -- The removal of petrol subsidy by the Nigerian government as announced by President Bola Tinubu on 29 May, 2023, led to sharp price increases across the economy, worsening poverty levels, a report has found.

The details are contained in research findings presented by Mohammed Shuaibu of the University of Abuja at a stakeholders' dialogue organised by Agora Policy in Abuja on Thursday.

"After the subsidy removal, poverty increased from a baseline of about 50 per cent to 63 per cent," Mr Shuaibu said.

At the event, policymakers, economists, and civil society actors called on the Nigerian government to strengthen social protection programmes to cushion the effects of fuel subsidy removal and other economic reforms.

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