Nigerians rush to buy fuel ahead of subsidy removal ...Middle East

Daily Sun - News
Nigerians rush to buy fuel ahead of subsidy removal
source : Daily Sun ( Middle East ) () 44
LAGOS: Long queues were seen on Tuesday outside petrol stations in Nigeria, a day after newly inaugurated President Bola Tinubu announced the end of fuel subsidies in his first speech.Oil-rich Nigeria swaps crude worth billions of dollars for gasoline that it then subsidises for its domestic market, causing a huge drain on revenue, foreign exchange and contributing to ballooning debt.On Monday, 71-year-old Tinubu triggered a wave of panic when he declared that the “fuel subsidy is gone” after taking the helm of Africa’s most populous nation.The previous government of Muhammadu Buhari budgeted the subsidies until the end of June, but it was unclear if that was when nationwide prices at the pu

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