Nigeria braces for backlash as government ends fuel subsidies
‘Given the relationship Nigerians have with cheap fuel, rising oil prices will have a significant political cost’
Abuja — Nigeria has used the collapse in oil prices to usher in a policy the state has been trying to implement for more than two decades: scrap fuel subsidies.
The decision will save President Muhammadu Buhari’s government at least $2bn a year, at a time when Africa’s biggest crude producer needs funds to deal with the coronavirus pandemic. It’s also a politically fraught move — a rebound in oil prices could rouse the opposition and test the regime’s resilience. Previous attempts to wean Nigerians off cheap fuel have led to major antigovernment protests...