Tinubu's Fuel Subsidy Removal: Saving Billions and Fighting Economic Inequality

Nigeria's President Bola Tinubu announced that the country has saved over $1.32 billion in just over two months by scrapping the fuel subsidy and unifying its exchange rates. Tinubu defended the decision, stating that the subsidy only benefited a few elites and that the reforms would help boost the economy. However, labor unions are pressuring Tinubu to offer relief to households and small businesses, as prices soar following the reforms. The government has announced measures such as releasing grains to families, providing cheap loans, and setting up a fund from the subsidy savings to build infrastructure.