"The general strike is suspended with effect from midnight," said a joint statement issued by unions and the government on Saturday.
The four-day-old general strike had halted most economic activity in Africa's most populous nation, but vital crude oil exports were not affected.
The price of petrol will remain frozen at 70 naira ($0.55) per litre for a year, up from the previous price of 65 naira per litre, but only half the increase amount proposed by Yar'Adua's predecessor Olusegun Obasanjo on the day he handed over power on May 28.
The strike had forced the closure of schools, government offices, banks and filling stations. The fuel price soared to three or four times the normal price on the black market.
Virtually all domestic flights were grounded, while international flights were few during the strike.