Nigerian President to Citizens After Election: "Be Patient"

The newly elected Nigerian President Bola Ahmed Tinubu called on Nigerians today, Monday, to end fuel subsidies, which have led to increased transportation costs and food prices. On his first day in office, he announced the termination of long-standing arrangements that allowed Nigerians to access gasoline at a low price. He stated, "I have painfully asked you, my countrymen, to sacrifice a little more for the survival of our country. I assure you that your sacrifices will not be in vain. Be patient." Despite Nigeria being the largest economy on the continent and rich in oil, its refining capacity remains limited. For years, it has sold crude oil and purchased gasoline at a subsidized price for its local market, leading to a depletion of revenue and foreign currency, which has contributed to rising debt.