Fuel price hike angers Nigerians
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NigeriaReuters
•Analysis-In deluge of protests, fuel subsidies prove hard to abolish
75% Informative
Nearly every nation on earth has some form of energy subsidy, costs of which hit a record $7 trillion in 2022 .
Experts slam subsidies as blunt-force tools that give more to wealthy car owners than to the poor.
The biggest spenders are Russia , Iran , China and Saudi Arabia - countries that can, broadly, afford the costs.
Tinubu appealed for patience and promised social support, such as access to affordable education.
"I urge you all to look beyond the present temporary pain and aim at the larger picture," he said.
But Rewane noted that "shock therapy" of higher fuel costs could have greater consequences for Nigeria than Kenya 's proposed tax hikes.
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