Nigeria Ends Decades-Long Fuel Subsidy, Causing Surging Prices and Public Backlash

Newly elected President Bola Tinubu has ended Nigeria's fuel subsidies, causing fuel prices to nearly triple.
The move aims to deregulate the oil sector, attract investment, and save public funds, but has led to economic hardship.
The subsidy removal will reduce government spending and pressure on foreign exchange, but increase inflation already over 20%.
The NNPC will lose its monopoly on fuel supply, with private companies taking over much of the market under the new policy.
Nigeria's largest labor union has rejected the move and called for the immediate reinstatement of the subsidies.