Nigeria's National Petroleum Company NNPC Ltd. has backed the country's new leader's decision to stop paying long-standing petrol subsidies. Nigerian President Bola Tinubu made the announcement during his inauguration Monday in the capital, Abuja. Nigeria spends billions of dollars annually to keep fuel affordable at the pumps, and previous administrations' efforts to stop the subsidies often led to street protests. Timothy Obiezu reports from Abuja.
Nigeria's President Muhammadu Buhari on Sunday, as his last assignment in Abuja's corridors of power, addressed the nation and defended his record on the economy.
President Buhari said that he was leaving a legacy of credible and fair voting and that the country was in better shape since 2015.
Buhari first came to office in 2015 after promising an elevated economy and an end to corruption and insecurity.
Meanwhile, incoming President Bola Tinubu's victory is being challenged by his two closest opposition rivals.