BREAKING NEWS

Nigerians to strike over soaring fuel prices

By REUTERS

JANUARY 9, 2012 01:29

LAGOS - Nigerian unions launch a nationwide strike on Monday to protest against the axing of a fuel subsidy which many ordinary people saw as one of the few benefits they ever got from the state.

Nigeria's fuel regulator announced the end of the subsidy on Jan. 1 as part of efforts to cut government spending and encourage badly needed investment in local refining.

Those who support scrapping the subsidy say it only served to fill the fuel tanks of the rich and middle classes at the expense of the poor, fed corruption and siphoned off billions of dollars of public funds to a cartel of fuel importers.

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