World News for Students of English

30-06-2023 15:00

Nigeria’s new President Bola Tinubu was busy making big changes in his first month in office.

These changes aim to improve the country’s slow economy. Investors welcome these efforts, but some experts and business leaders warn that there are still many problems. Shortly after becoming president, Tinubu removed a popular fuel subsidy that was in place for a long time. He also quickly suspended the leader of the central bank and allowed the exchange rate to change freely. These changes should have long-term benefits. The World Bank says that Nigeria could save a lot of money this year because of the changes. But prices may go up. Petrol prices have almost tripled which affected millions of people who use petrol generators.

Nigeria has many problems, including high debt, power shortages, and security issues. Many people are without work. Experts and people are watching Tinubu how he can solve these problems.

Difficult words: subsidy (money which the government gives to people or companies as a form of help), suspend (to stop someone or something from being active), shortage (when there is not enough of something).

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