Nigeria Faces Possible Inflation Surge as New President Ends Petrol Subsidy
Nigeria's National Petroleum Company NNPC Ltd. has backed the country's new leader's decision to stop paying long-standing petrol subsidies. Nigerian President Bola Tinubu made the announcement during his inauguration Monday in the capital, Abuja. Nigeria spends billions of dollars annually to keep fuel affordable at the pumps, and previous administrations' efforts to stop the subsidies often led to street protests. Timothy Obiezu reports from Abuja.