Tinubu Removes Fuel Subsidy in Nigeria Amid Challenges

Nigeria's new president, Bola Tinubu, announced the removal of the decades-long fuel subsidy on petroleum products in his inaugural address, citing the need to ease pressure on government finances. The subsidy, which has been a huge drain on public finances, will lead to a rise in petrol prices and could have a knock-on effect on other prices. Tinubu acknowledged the tough economic and security challenges facing the country and promised to release his economic roadmap in the coming weeks. His victory in the disputed elections is being challenged in court by his opponents.