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

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.