KV SPECIALS: 12 times Nigerian presidents have changed fuel price

Nigerian presidents that have changed fuel price: News that the Nigerian National Petroleum Corporation (NNPC) has increased the price of petrol at its retail outlets by N4 from N141 to N145 per litre as at November 4, 2016, has led to many concerns among Nigerians. An increase in fuel price has always been greeted by fear and concern among Nigerians, as the pump price of fuel seems to affect every aspect of the economy, from transportation to food.

NAIJ compiled a list showing when and how fuel prices have increased in Nigeria:

1. Yakubu Gowon (1973) :


General Yakubu Gowon General Yakubu “Jack” Dan-Yumma Gowon was born October 19, 1934, and he was the former head of state of Nigeria from 1966 to 1975. He took power after one military coup d’état and was overthrown in another. He increased the price of fuel from 6 kobo to 8.45 kobo.

2. Murtala Muhammed (1976)

General Murtala Ramat Muhammed was the military ruler of Nigeria from 1975 until his assassination in 1976. He increased the price of fuel from 8.45 kobo to 9 kobo.

3. General Olusegun Obasanjo (1978) :


During his first stint as the president of Nigeria, from February 1976 to October 1, 1979, he increased the price of fuel from 9 kobo to 15.3 kobo in 1978.

4. Shehu Shagari (1982):


Shehu Usman Aliyu Shagari served as the second president of Nigeria’s second republic, after the handover of power by General Olusegun Obasanjo’s military government. He increased fuel price from 15.3 kobo to 20 kobo on April 20, 1982.

5. Ibrahim Babaginda (1986 – 1991):


Ibrahim Badamasi Babangida, also known as IBB, is a retired Nigerian army general who was the president of Nigeria under military rule. He changed the fuel price a lot under his rule. On March 31, 1986, he increased it from 20 kobo to 39.5 kobo. On April 10, 1988, he changed it from 39.5 kobo to 42 kobo, on January 1 1989, he moved it once again to 60 kobo and by March 6, 1991, fuel sold for 70 kobo.

6. Ernest Shonekan (1993) :

Ernest Adegunle Oladeinde Shonekan is a British-trained Nigerian lawyer, industrialist, politician and traditional chieftain. He was appointed as an interim president of Nigeria by General Ibrahim Babangida on August 26, 1993. He ruled for only 82 days and 73 days into his rule, he increased fuel price from 70 kobo to 5 Naira.

7. Sani Abacha (1993- 1994):

Sani Abacha was a Nigerian army general and politician who served as the de facto president of Nigeria from 1993 to 1998. During his rule he dropped the price of fuel on November 22, 1993, from 5 Naira to N3. 25k and, on October 2, 1994, he increased it to N15 and then later dropped it to N11.

8. Abdusalami Abubakar (1998 – 1999):


Abdulsalami Alhaji Abubakar is a retired Nigerian army general who was the military president of Nigeria from June 9, 1998, till May 29, 1999. On December 20, 1998, he increased the fuel price from N11 to N25, and on January 6, 1999, he dropped the price to N20.

9. Olusegun Obasanjo (2000 – 2007)


During his second stint as the civilian president, fuel price first increased on June 1, 2000, from N20 to N30 and on June 8, 2000,  it drops to N22 and it increases on January 1, 2002, to N26 and in June, 2003, it moves to N42 and up and up it went. May 29, 2004: N42 to N50; August 25, 2004: N50 to N65; May 27, 2007: N65 to N75.

10. Musa Yar’Adua (2007):


Umaru Musa Yar’Adua served as the governor of Katsina state from May 29, 1999, to May 28, 2007 before presidency. Under him the price of fuel dropped to N65.

11. Goodluck Jonathan (2012):


Goodluck Ebele Azikiwe Jonathan is the former President of Nigeria, having served from 2010 to 2015. On January 1, 2012, he increased the price to N141, but the ensuing labor strike forced him to change it back on January 17, 2012 to N97. And on February, 2015 it dropped further to N87.

12. Muhammadu Buhari (2016)


Nigeria’s current President, Muhammadu Buhari increased the price of petrol from N87 to N141 on Wednesday, May 11, 2016.

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