In order to ease the burden on Nigerians, Tinubu has taken a number of steps such as the suspension of the 10 percent tax on single-use plastics and other taxes.

The government has also introduced measures to cushion the impact of the subsidy removal such as a reduction in the rate of Value Added Tax (VAT) from 7.5 percent to 5 percent, cutting the price of petrol to at least 145 naira (30 cents) per litre.

These taxes, along with other initiatives, are part of a larger reform agenda to diversify the oil-dependent economy, create jobs, tackle corruption and build infrastructure.