Nigeria's federal government has officially ended fuel and foreign exchange subsidies, a policy that's been debated for a long time.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this announcement at the World Bank's Nigeria Development Update presentation in Abuja.
According to Mr. Edun, these subsidies have taken a huge toll on Nigeria's economy, costing over N10 trillion, which is equivalent to 5% of the country's GDP.
This move is part of the government's efforts to restore macroeconomic stability and reduce debt risks

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