Lagun Akinloye writing in Think Africa:
The removal of Nigeria's fuel subsidy has met much resistance but there could be considerable long-term benefits.
The much touted removal of Nigeria’s fuel subsidy came into force over the New Year’s weekend. Annual spending on the subsidy surpassed the $8bn mark by the end of 2011 and its removal forms a central part of the government’s new economic direction to instil fiscal discipline in the country and invest the money saved from the subsidy into infrastructural projects. However, the battle is far from over, with civil society groups and labour unions sounding the drums of war and ordering their members onto the streets in protest as fuel prices more than double across the country...[continue reading]
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