Nigeria releases grain to ease pain of higher fuel prices

2023-07-31 17:32:00


ABUJA, July 31 (Reuters) - Nigerian President Bola Tinubu has directed the release of more than 200,000 metric tons of grains to families to alleviate hardship from higher fuel prices after a popular but costly subsidy was axed.

Tinubu has announced measures to boost the economy and ease inflation from his decision to scrap at the end of May a petrol subsidy which cost the government $10 billion in 2022. The reforms, the country's boldest in decades, also include lifting curbs on foreign exchange trading, a gamble which he hopes will boost growth.

Nigerian labour unions plan to strike from Wednesday to demand reinstating the subsidy and lower public school fees, the Nigerian Labour Congress (NLC) has said.

The president has directed authorities in public schools to defer hiking school fees. The government will provide buses to ease transport costs for students.

"The government is working to ensure that vulnerable students can also benefit from conditional cash transfers and food distribution," Tinubu said in a statement issued by his communication adviser.

The president has yet to name a team of ministers after he won disputed elections in February. He submitted a list of 28 cabinet nominees to the Senate last Thursday for confirmation.

2023-07-31 News