Bola Tinubu inauguration: Fuel subsidy removed in Nigeria - BBC News

Bola Tinubu makes a major policy announcement in his inaugural address.

5 minutes agoShareclose panelShare pageCopy linkAbout sharingRelated TopicsNigerian elections 2023Image source, ReutersImage caption, Bola Tinubu won February's election with 37% of the vote, a victory that is being challenged in courtThe new president of Africa's largest democracy, Nigeria, has used his inaugural address to make a major policy announcement to ease pressure on government finances.

Bola Tinubu said the decades-long subsidy on petroleum products was being scrapped.

"Fuel subsidy is gone," he told a packed crowd in the capital, Abuja.

He won disputed elections with a promise to renew hope - but he faces tough economic and security challenges.

It is not clear when the new policy will kick in, but ending the subsidy will lead to a rise in the price of petrol and could have a knock on effect on other prices.

https://www.bbc.co.uk/news/world-africa-65737846?at_medium=RSS&at_campaign=KARANGA

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