German President Christian Wulff has resigned amid allegations he abused a previous political post by accepting favors

The annoncement comes a day after prosecutors requested Mr. Wulff's immunity be lifted so they could investigate whether he abused his position as governor of the state of Lower Saxony.

Wulff faces multiple allegations including allowing a film producer friend to pay for his bills from two hotel stays and accepting a large loan from a wealthy friend's wife.

Chancellor Angela Merkel had handpicked Mr. Wulff for the primarily ceremonial job in 2010. Chancellor Merkel postponed a trip to Italy Friday, in anticipation of his resignation.

German lawmaker's have 30 days to hold a special election for Mr. Wulff's replacement.