On his inauguration day, 29 May 2023, President Bola Tinubu declared "fuel subsidy is gone." Within hours petrol prices roughly tripled. In June 2023 the CBN unified the multiple exchange-rate windows and effectively floated the naira; it slid from about ₦465/US$ to above ₦1,500/US$ by 2024. Headline inflation crossed 33% year-on-year in 2024 — a multi-decade high. NELFUND (the student-loan scheme) launched 2024 to cushion tertiary access. The cost-of-living crisis became the dominant political fact of the period.
Economy2023 — present· Chapter 14
Subsidy, Float, Inflation
29 May 2023: fuel subsidy removed at inauguration. June 2023: naira floated. Inflation at multi-decade highs.
Source: CBN Monetary Policy statements 2023–25; NBS CPI releases
Era context
The political and economic reality
The government(s), economy and national reality across the period 2023–present.
President · Fourth Republic
Muhammadu Buhari
2015–2023· APC
National reality
Two recessions (2016, 2020). Multiple naira devaluations. ASUU strike of 2022 closed federal universities for ~9 months. End SARS protests (Oct 2020); Lekki Toll Gate incident. Out-of-school children >18 million by 2022.
Crises of the period
- 2016 recession + FX crisis
- End SARS + Lekki Toll Gate (Oct 2020)
- COVID-19 lockdown (2020)
- 9-month ASUU strike (2022)
- Naira redesign chaos (Q1 2023)
GDP (World Bank)
$494 bn (2015) → $477 bn (2022)
Cabinet (selected portfolios)
- Finance
Kemi Adeosun (2015–18); Zainab Ahmed (2018–23)
- Justice (AGF)
Abubakar Malami (SAN)
- Education
Mallam Adamu Adamu (2015–23)
- Petroleum
Muhammadu Buhari (concurrent); Min. of State Ibe Kachikwu then Timipre Sylva
Source: Federal Gazette 2015–23; CBN; NBS
President · Fourth Republic
Sen. Bola Ahmed Tinubu
2023–present· APC
National reality
Fuel subsidy removed at inauguration (29 May 2023); naira floated June 2023. Inflation at multi-decade highs (>30% YoY in 2024). Student loan scheme (NELFUND) launched 2024. WAEC torchlight exam controversy (2025).
Crises of the period
- Cost-of-living crisis 2023–25
- WAEC torchlight examinations (2025)
- JAMB CBT technical failures (2025)
- Naira free-fall 2023–24
GDP (World Bank)
≈ $363 bn (2023, post-float)
Cabinet (selected portfolios)
- Finance
Wale Edun (Coordinating Minister of the Economy)
- Justice (AGF)
Lateef Fagbemi (SAN)
- Education
Tahir Mamman (2023–24); Tunji Alausa (2024– )
Source: Federal Gazette 2023– ; CBN; NBS
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.