The decision led to a rapid rise in petrol prices.

Using a speech on Nigeria's Democracy Day holiday, President Tinubu told citizens: "I feel your pain."

In exchange for the ending of the subsidy, Mr Tinubu promised that he would repay Nigerians "through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives".

Though the ending of the subsidy was expected, the stark announcement in his first minutes in power took many by surprise.

The subsidy had long been seen by many Nigerians as one of the few perks they received from the state. But it was also a huge drain on public finances.

Democracy Day marks the time that the military handed over power to a civilian government in 1999.