Nigeria's new president Bola Tinubu says he will remove fuel subsidies. The announcement has caused huge queues at petrol stations.
The president's communications team says the subsidies will expire at the end of June. The authorities have tried to remove these subsidies several times in the past decade, to no avail. The removal raises fears of a significant increase in fuel prices in the short term in Africa's most populous country, where nearly half of Nigerians already live in extreme poverty. It is therefore a very popular measure with the population but siphons billions of dollars from the public coffers every year.