Fuel Prices Nearly Triple in Nigeria After Subsidy Cut

Long queues of Nigerians waiting outside gas stations were seen in Lagos on Wednesday, a day after newly inaugurated President Bola Tinubu announced the end of fuel subsidies in his first speech. The move caused frustration among Nigerians as gas prices almost tripled. Oil-rich Nigeria swaps crude for gasoline, which is subsidized for its domestic market, causing a huge drain on revenue and foreign exchange and contributing to ballooning debt.