When President Bola Tinubu swept away Nigeria’s petrol subsidy and allowed the naira to float shortly after taking office in 2023, the reforms were framed as a painful but necessary reset.
The government argued the measures would unlock trillions of naira previously trapped in distortionary policies, restoring fiscal breathing room and funding long-delayed infrastructure.
Two years later, the picture emerging inside Abuja’s finances is far more complicated.
While Nigeria’s state governments have seen revenues surge — flush with higher
