[African Arguments] On 29 May 2023, moments after taking the oath of office, President Bola Ahmed Tinubu declared: "Fuel subsidy is gone." The announcement marked the beginning of one of the most consequential economic reform cycles in Nigeria's recent history. Over the following months, the administration moved to remove fuel subsidies, unify exchange rates through the Central Bank of Nigeria (CBN), and implement a series of fiscal and monetary adjustments designed to restore macroeconomic stability.