The Economic Impact of Removing Fuel Subsidy in Lagos+30

The removal of fuel subsidy in Lagos has had a profound economic impact, leading to rising fuel costs, a weakened local currency, and a struggling economy. The city is experiencing reduced traffic and quieter streets due to fewer cars on the road. Small businesses have been hit hard, and low-income earners are faced with increased transport fares. However, the government hopes that the money saved from removing the subsidy will benefit families and lead to initiatives like affordable tuition loans and a potential increase in the minimum wage.

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