Nigeria's President Shocks Nation with Fuel Subsidy Removal

Nigeria's new president, Bola Tinubu, caused chaos with an off-the-cuff remark during his inaugural speech, stating that the fuel subsidy is gone. The decades-long subsidy has kept down the price of petroleum products, but the government can no longer afford it due to dwindling revenue. The announcement triggered panic buying, with many filling stations stopping sales or unilaterally increasing prices by more than 200%. The subsidy will not be scrapped until the end of June, but the situation has already led to transport fare increases, stranded commuters, and potential confrontation with the powerful labour union.