Is there anything wrong with fuel subsidy as a policy? Is Nigeria the only country that provides subsidy for the benefit of its citizens? Certainly not! What
The sudden increase in the price of petrol in Benin, Togo and other countries within the Nigerian borders, following the removal of subsidy by the Federal
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long lines and frustration at gas stations as fuel in nigeria costs nearly triple. it is sparked by a seemingly off the cuff remark from the newly elected president. he said a critical fuel subsidy would be removed because it was unsustainable. stephanie busari is joining us live from lagos. last time they tried to remove fuel subsidies, it sparked nationwide protests. what is the government doing now? reporter: good morning. yes, i remember those protests in 2012 so well. i covered it then. and the country was at a standstill for two weeks while people were very angry that the subsidy was being removed and gas prices were going to rise. but there is a better understanding this time in the country that this subsidy is very expensive, it is costing
phase for interest rates. anna stewart, cnn, london. nigerian government is clarifying its plans to end fuel subsidies after a seemingly off the cuff remark from the new president triggered panic buying at the pump. during his inauguration speech the president declared the critical fuel subsidy is gone. now his office says it will end by the end of the month. but he really did cause some scenes by that comment. reporter: good morning. i don t think the president could have imagined what this ad libbed remark we know it is ad libbed because we received a copy of the speech before he delivered it. and those remarks were not there. what he meant to say was that the previous administration had not left anything in the budget beyond the end of june for him to pay for the subsidies.