Nigerian authorities are ending fuel subsidies.

The Petroleum Products Pricing Regulatory Agency announced Sunday that it will stop paying the subsidies to fuel importers effective immediately.

The plan is expected to be widely unpopular with Nigerians, whose country is the continent's top exporter of crude oil.

Previous attempts to end the subsidy have prompted strike actions.

The government says the change is expected to save nearly $8 billion annually. Lawmakers have said that the saved money will allow increased spending on roads, health care and power generation.

Nigeria produces more than two million barrels of crude a day, but the country imports most of its refined fuel products due to a lack of investment, mismanagement and poor infrastructure at its refineries.