The administration of Nigeria’s new president, Bola Ahmed Tinubu, has started with a snag. At his inauguration on Monday, Tinubu announced the total removal of the highly controversial but popular fuel subsidy, resulting in high prices and long queues nationwide. Although the policy goes into effect on July 1, it has already sparked concerns – and chaos – as Nigerians rush to buy fuel before its cost increases even further. The fuel price is expected to jump from the official pump price of 185 naira ($0.40) to between 350 ($0.76) and 550 naira ($1.18). This is expected to have widespread economic consequences in ... (full story)