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The location of Nigeria, on the African continent. Occupy Nigeria was a socio-political protest movement that began in Nigeria on Monday, 2 January 2012 in response to the fuel subsidy removal by the Federal Government of President Goodluck Jonathan on Sunday, 1 January 2012. [4]
Senegal's electricity and fuel subsidies hit 3.3% of GDP last year, while Angola's 1.9 trillion kwanza ($2.1 billion) subsidy bill in 2022 was more than 40% of spending on social programmes ...
Nigeria has saved over 1 trillion naira ($1.32 billion) in just over two months by scrapping a popular but costly subsidy on petrol and moved to unify its multiple exchange rates, President Bola ...
Nigerian President Bola Tinubu has scrapped a decadeslong government-funded subsidy that has helped reduce the price of gasoline, leading to long lines at fuel stations Tuesday as drivers ...
The Subsidy Reinvestment and Empowerment Program known as 'SURE-P is a scheme established by the Federal Government of Nigeria during the Jonathan Administration, to re-investing the Federal Government savings from fuel subsidy removal on critical infrastructure projects and social safety net programmes with direct impact on the citizens of Nigeria.
For Obi, time was spent studying other countries' economics prior to the release of his policy plans; in interviews, he lamented the inefficiency of the Nigerian economy and floated reforming the fuel subsidy system—the subsidies, long-maligned by economists but popular among politicians, are projected to cost the government over 4 trillion ...
As of 2007, Nigeria's oil revenue totaled $340 billion in exports since the 1970s and it was the fifth largest producer. [53] Nigeria imports most of its motor spirit, though it is a major oil exporter, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. [54]
Previous fires have led to multiple casualties. In 2020, more than 500 people lost their lives in more than 1,500 fuel tanker accidents recorded that year, according to Nigeria’s road safety agency.