President Bola Tinubu of Nigeria eliminated the well-liked but pricey gas subsidy when he took office last month. Tinubu is launching the nation's most extensive reforms in decades to address challenges like a heavy debt burden. Following Tinubu's criticism of a currency system that has impeded Africa's largest economy for years, the central bank harmonized the nation's exchange rates. They really set the stage for a new and an upward trajectory in terms of Nigeria's development path," Sienaert said. Nigeria has long been urged by the World Bank and International Monetary Fund to end its $10 billion-per-year fuel subsidy and free its exchange rate.

Source: Daily Nation June 27, 2023 15:34 UTC