President of Nigeria, Bola Tinubu, announced on Monday the intention to remove fuel subsidies without setting a deadline. According to the BBC, at a time when inflation is reaching high levels in the country, the newly inaugurated Nigerian Head of State intends to end fuel subsidies to relieve the pressure on public finances.
This measure will increase the cost of living in Nigeria, which, despite being rich in oil, does not have the capacity to refine this raw material to meet domestic market needs.
