Nigeria’s President Bola Tinubu announced the removal of fuel subsidies upon taking office last year. Since then, fuel prices have tripled, sparking widespread anger among Nigerians. Last week, thousands of people across the nation embarked on a 10-day protest to highlight their discontent with skyrocketing inflation, hunger, and job losses. This situation reflects a broader trend in developing countries where governments face backlash while trying to cut costly fuel subsidies amidst economic struggles. While most countries subsidize energy costs, which the International Monetary Fund claims hit a record $7.7 trillion in 2022, emerging market nations can hardly afford them. The primary reasons are that these nations are saddled with debt and high interest rates. These factors have combined to cause a cost-of-living crisis, which is exacerbated by rising fuel prices. As a result, some leaders are now reluctant to scrap the subsidies.
SOURCE: VOA NEWS
Fuel Subsidy Removal Plans Pinned Back by Widespread Protests
