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Nigerian Candidate Tinubu Pledges to Phase Out Oil Subsidy, Boost Output

  • Ruling party candidate makes promises ahead of February vote
  • Manifesto takes aim at rising debt, falling crude production
Bola Ahmed Tinubu

Bola Ahmed Tinubu

Photographer: Kola Sulaimon/AFP/Getty Images
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Nigerian presidential candidate Bola Tinubu said he will phase out costly fuel subsidies and more than triple oil production to help accelerate growth in Africa’s biggest economy if he wins elections in February.

Tinubu will work with the nation’s central bank to “carefully review and better optimize” the nation’s system of multiple exchange rates, he said Friday at the unveiling of his election pledges in the capital, Abuja. The current “ineffective” and “somewhat arbitrary” arrangement encourages “currency speculation and arbitrage,” according to a campaign manifesto released at the event.