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Yes, Nigeria has recently undertaken significant subsidy cuts, particularly concerning fuel. Here's a breakdown of the situation:
Fuel Subsidy Removal:
President Bola Ahmed Tinubu, upon taking office in 2023, announced the removal of the longstanding fuel subsidy.
This decision led to a sharp increase in fuel prices across the country.
The fuel subsidy had been a significant drain on Nigeria's public finances.
Reasons for the Cut:
The government cited the unsustainable cost of the subsidy, which was consuming a substantial portion of the national budget.
They argued that the subsidy was benefiting wealthy individuals and smugglers more than the average Nigerian.
The government aims to redirect the funds saved from the subsidy removal towards infrastructure development, healthcare, and education.