Nigeria’s President Bola Tinubu introduced the elimination of gas subsidies upon taking workplace final yr. Since then, gas costs have tripled, sparking widespread anger amongst Nigerians. Final week, hundreds of individuals throughout the nation launched into a 10-day protest to spotlight their discontent with skyrocketing inflation, starvation, and job losses. This case displays a broader development in creating international locations the place governments face backlash whereas making an attempt to chop pricey gas subsidies amidst financial struggles. Whereas most international locations subsidize vitality prices, which the Worldwide Financial Fund claims hit a document $7.7 trillion in 2022, rising market nations can hardly afford them. The first causes are that these nations are saddled with debt and excessive rates of interest. These elements have mixed to trigger a cost-of-living disaster, which is exacerbated by rising gas costs. Consequently, some leaders at the moment are reluctant to scrap the subsidies.
SOURCE: VOA NEWS