It is equally a relief for the international community, who must have been concerned by the threat issued by the unions to shut down oil production - a threat that contributed to the surge in prices in the oil market.
But the most critical question is: Who won the battle between the Nigerian government and the unions representing the public? I suggest that the people have won.
They have won because the president had said the new price was not negotiable. The president had to backtrack, otherwise the unions would have undermined his authority. Young Nigerians were already talking about the "Nigerian Spring" on social networking sites such as Twitter, using the hashtag #OccupyNigeria.
Many of the critics of the subsidy are aware of the corruption associated with it - they know that a few individuals use the subsidy to milk the Nigerian treasury and amass enormous wealth. The mass protests are not necessarily about subsidy removal, they are about the deficit of trust in government.
Restoring that trust is the mountain President Jonathan now has to climb
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