In little over two weeks he has banished a longstanding petrol subsidy, ejected the country’s central bank governor and ended restrictions on the rate of the naira, Nigeria’s currency. But they have also increased living costs and drawn criticism from many Nigerians who have faced years of economic mismanagement. Joseph Essien, 47, a taxi driver in Lagos, said he had stopped working altogether because he was no longer making any profit after the rise in petrol prices. “Over the weekend I just told myself it wasn’t worth it; I’m just working to pay Bolt [the ride-hailing company] their commission and I’m left with nothing,” he said. The devaluation of the naira combined with the dropping of the fuel subsidy was already causing inflation, he said.

Source: The Guardian June 17, 2023 01:19 UTC